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

With strong 1-year returns and upside potential, RAPT Therapeutics, Inc. (NASDAQ:RAPT) secures a spot on our list of the 12 best multibagger stocks to buy heading into 2026.

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

A dose bottle of the medication is in the medical tech’s hand

On December 18, 2025, The Fly reported that TD Cowen initiated coverage of RAPT Therapeutics, Inc. (NASDAQ:RAPT) with a “Buy.” The bullish stance reflects the potential of the company’s lead candidate, ozureprubart. The analyst views ozureprubart as an improved antibody compared with Xolair for food allergy and chronic spontaneous urticaria due to less frequent dosing and broader efficacy. The firm cited Phase 2 data in CSU from China, which 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, the firm anticipates a global Phase 3 launch by late 2026.

This optimistic outlook follows tangible clinical and operational progress reported through the end of Q3 2025. In September, RAPT Therapeutics, Inc. (NASDAQ:RAPT) received the FDA’s clearance for its IND to advance ozureprubart into a Phase 2b food allergy trial. Initiated in October, the trial is evaluating every-eight-week and every-twelve-week dosing.

During the same month, RAPT Therapeutics, Inc. (NASDAQ:RAPT), in partnership with Shanghai Jeyou, announced positive Phase 2 topline data in CSU from China. This dataset showed comparable safety and efficacy to omalizumab with numerically favorable outcomes, supporting advancement to Phase 3. With the completion of a $250 million equity offering, the company also extended its cash runway into mid-2028.

RAPT Therapeutics, Inc. (NASDAQ:RAPT), a clinical-stage biopharmaceutical company, develops immunology-based therapies. These therapies are designed to modulate key immune pathways in inflammatory and immunological diseases.

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Disclosure: None.