Dec. 23 at 12:17 PM
Oppenheimer🏁
$AARD Outperform-
$35 and said: We initiate coverage with an Outperform rating and a
$35 PT as AARD builds a differentiated rare and common obesity franchise-and ahead of next year's key readout.
$SLNO $RYTM
Oppenheimer added: Lead program is a global Phase 3 trial for Prader-Willi syndrome, a
$1B+ US TAM for which favorable safety alone could make ARD-101 competitive to the sole currently approved option. Topline data due 3Q26.
AARD is also pursuing several avenues to advance the treatment condition for general obesity, for which injectable GLP-1 drugs—despite their impressive sales growth—are far from perfect and have created opportunities for innovative oral therapeutics that could be used in complement with them or as independent alternatives.
Cash runway sufficient to reach key catalysts that we expect to drive share outperformance from current <
$200M EV.
