BTIG Cuts Aardvark Therapeutics Price Target to $9

Biotech firm's stock downgraded amid concerns over future prospects

Published on Mar. 2, 2026

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Aardvark Therapeutics (NASDAQ:AARD), a clinical-stage biopharmaceutical company based in Cambridge, Massachusetts, saw its price target cut from $26 to $9 by BTIG Research on Monday. The firm also downgraded the stock's rating to 'buy' from its previous 'strong buy' recommendation.

Why it matters

Aardvark Therapeutics is developing small-molecule modulators of the retinoic acid receptor–related orphan receptor gamma (RORγ), which plays a key role in inflammatory processes. The company's lead programs target conditions like psoriasis and inflammatory bowel disease, but the BTIG downgrade suggests concerns over the firm's future prospects and ability to bring its drug candidates to market.

The details

In its research note, BTIG cited the reduced price target and downgrade, stating that the firm now sees less upside potential for Aardvark's stock. Several other analysts have also recently weighed in on the company, with some maintaining buy ratings and others issuing hold or sell recommendations.

  • BTIG Research issued the new price target and downgrade on Monday, March 2, 2026.

The players

Aardvark Therapeutics

A clinical-stage biopharmaceutical company based in Cambridge, Massachusetts, specializing in the discovery and development of small-molecule modulators of the retinoic acid receptor–related orphan receptor gamma (RORγ).

BTIG Research

An equity research firm that covers Aardvark Therapeutics and has now cut its price target on the stock from $26 to $9.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

The BTIG downgrade on Aardvark Therapeutics highlights the challenges facing the biotech firm as it works to advance its pipeline of RORγ-targeting drug candidates. Investors will be closely watching the company's progress and any further analyst commentary on its prospects in the months ahead.