Rapt Therapeutics climbs after Leerink Partners upgrades to 'outperform'

Shares of drug developer Rapt Therapeutics RAPT.O rise 4% to $25.42 premarket

Brokerage Leerink Partners upgrades stock to "outperform" from "market perform," citing favorable outlook for lead drug RPT904, which is being developed to treat allergic diseases

Brokerage also raises PT to $37 from $16, a 51.3% premium to the stock's last close

RPT904 is a long-acting anti-IgE antibody targeting the same epitope as Roche ROG.S and Novartis' NOVN.S Xolair, but with better binding affinity and longer half-life, allowing less frequent dosing - brokerage

Leerink estimates $2.1 billion in worldwide sales by 2035 for RPT904, with a 45% probability of success

Leerink notes "Our confidence in the commercial opportunity ... is driven by the large number of patients with food allergy and the opportunity for RPT904 to improve on Xolair’s shortcomings"

Stock up 93% YTD