Rapt Therapeutics (NASDAQ:RAPT) Shares Gap Up – What’s Next?

Rapt Therapeutics (NASDAQ:RAPT)’s share price gapped up prior to trading on Friday . The stock had previously closed at $31.20, but opened at $32.88. Rapt Therapeutics shares last traded at $32.4790, with a volume of 31,283 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Leerink Partners raised shares of Rapt Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $37.00 in a research note on Friday, September 26th. Piper Sandler initiated coverage on Rapt Therapeutics in a report on Friday. They issued an “overweight” rating and a $95.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Rapt Therapeutics from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. HC Wainwright raised their price target on Rapt Therapeutics from $27.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Finally, Cowen started coverage on Rapt Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.44.

Rapt Therapeutics Stock Up 3.6%

The company has a market capitalization of $895.73 million, a PE ratio of -2.93 and a beta of 0.45. The stock’s fifty day moving average price is $32.03 and its two-hundred day moving average price is $21.91.

Rapt Therapeutics (NASDAQ:RAPT) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.23. On average, equities research analysts forecast that Rapt Therapeutics will post -2.14 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in Rapt Therapeutics by 411.7% in the 1st quarter. Invesco Ltd. now owns 58,901 shares of the company’s stock worth $72,000 after purchasing an additional 47,391 shares in the last quarter. Comerica Bank increased its position in shares of Rapt Therapeutics by 53.9% during the first quarter. Comerica Bank now owns 89,327 shares of the company’s stock valued at $109,000 after buying an additional 31,287 shares during the period. AQR Capital Management LLC bought a new position in Rapt Therapeutics in the first quarter worth about $188,000. Dimensional Fund Advisors LP bought a new position in Rapt Therapeutics in the third quarter worth about $231,000. Finally, Bridgeway Capital Management LLC lifted its holdings in Rapt Therapeutics by 32.0% in the third quarter. Bridgeway Capital Management LLC now owns 20,625 shares of the company’s stock worth $532,000 after buying an additional 5,000 shares during the period. 99.09% of the stock is owned by hedge funds and other institutional investors.

Rapt Therapeutics Company Profile

RAPT Therapeutics, Inc (NASDAQ:RAPT) is a clinical-stage biotechnology company developing novel therapeutics for autoimmune and allergic diseases. Founded in 2013 and headquartered in San Diego, California, RAPT applies tissue-selective immunology to design small molecule and biologic candidates that modulate immune cell trafficking and tissue-resident pathways. The company’s research platform enables the identification of targets that drive tissue inflammation with the goal of achieving improved efficacy and safety profiles over current therapies.

The company’s lead asset, RPT193, is an orally available antagonist of the CC chemokine receptor 4 (CCR4), currently in clinical development for atopic dermatitis and allergic asthma.