** Brokerage H.C. Wainwright upgrades drug developer Rapt Therapeutics RAPT.O to 'buy' from 'neutral'
** Co entered into a license agreement with China-based Shanghai Jemincare Pharmaceutical Co for an experimental allergy treatment called RPT904
** RAPT plans to develop RPT904 initially for food allergy
** Brokerage says "investors should note that the food allergy market represents a large and lucrative niche," estimates that about 33 mln people suffer from at least one food allergy in the US
** Brokerage projects peak annual sales of $5.4 bln by 2037 for RPT904, assuming U.S. launch in 2031
** Says RPT904 could achieve peak sales approaching $500M for chronic spontaneous urticaria (CSU) — a skin condition
** Brokerage estimates a 40% probability of approval of RPT904 for food allergy and a 30% probability of approval for CSU
** Up to last close, stock down 93% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))
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