TD Cowen Initiates Coverage on RAPT Therapeutics (RAPT) with a “Buy”

Core Insights - RAPT Therapeutics, Inc. (NASDAQ:RAPT) is recognized for strong 1-year returns and potential upside, making it one of the 12 best multibagger stocks to consider for investment heading into 2026 [1] Company Developments - TD Cowen has initiated coverage on RAPT Therapeutics with a "Buy" rating, highlighting the potential of its lead candidate, ozureprubart, which is seen as an improved antibody for food allergies and chronic spontaneous urticaria due to less frequent dosing and broader efficacy [2] - The company received FDA clearance for its IND to advance ozureprubart into a Phase 2b food allergy trial, which began in October 2025 and is evaluating dosing every eight and twelve weeks [3] - In partnership with Shanghai Jeyou, RAPT announced positive Phase 2 topline data in chronic spontaneous urticaria from China, showing comparable safety and efficacy to omalizumab, supporting advancement to Phase 3 trials [4] - RAPT completed a $250 million equity offering, extending its cash runway into mid-2028, which provides financial stability for ongoing and future clinical trials [4] Product Pipeline - The Phase 2 data for ozureprubart in chronic spontaneous urticaria demonstrated comparable or superior efficacy with durability lasting up to 16 weeks, with Phase 2b food allergy data expected in the first half of 2027 and a global Phase 3 launch anticipated by late 2026 [2][3] Company Overview - RAPT Therapeutics is a clinical-stage biopharmaceutical company focused on developing immunology-based therapies aimed at modulating key immune pathways in inflammatory and immunological diseases [5]