Truist Financial Upgrades Rapport Therapeutics (NASDAQ:RAPP) to “Strong-Buy”

Rapport Therapeutics (NASDAQ:RAPP) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

RAPP has been the subject of a number of other research reports. The Goldman Sachs Group reiterated a “buy” rating on shares of Rapport Therapeutics in a report on Friday, December 19th. BTIG Research upped their price objective on Rapport Therapeutics to $47.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Thursday, January 22nd. TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a research note on Monday, March 9th. Finally, HC Wainwright boosted their target price on Rapport Therapeutics from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rapport Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $51.40.

Rapport Therapeutics Price Performance

Shares of RAPP stock opened at $28.88 on Wednesday. The company has a fifty day moving average price of $28.05 and a two-hundred day moving average price of $27.72. Rapport Therapeutics has a one year low of $7.73 and a one year high of $42.27. The stock has a market cap of $1.38 billion, a P/E ratio of -10.10 and a beta of 1.51.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings data on Tuesday, March 10th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.07). As a group, equities research analysts anticipate that Rapport Therapeutics will post -3.65 EPS for the current fiscal year.

Insider Activity at Rapport Therapeutics

In other Rapport Therapeutics news, insider Krishnaswamy Yeleswaram sold 2,840 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $30.05, for a total value of $85,342.00. Following the transaction, the insider directly owned 296,991 shares of the company’s stock, valued at $8,924,579.55. This represents a 0.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Abraham Ceesay sold 5,083 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $29.36, for a total transaction of $149,236.88. Following the sale, the chief executive officer owned 20,729 shares of the company’s stock, valued at $608,603.44. This trade represents a 19.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 50,253 shares of company stock worth $1,421,208. 13.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rapport Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in RAPP. Capital International Investors increased its stake in shares of Rapport Therapeutics by 30.7% during the third quarter. Capital International Investors now owns 3,402,529 shares of the company’s stock worth $101,055,000 after purchasing an additional 800,000 shares during the period. Affinity Asset Advisors LLC bought a new stake in Rapport Therapeutics in the 2nd quarter valued at $2,270,000. Baker BROS. Advisors LP boosted its stake in Rapport Therapeutics by 181.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,547,090 shares of the company’s stock valued at $45,949,000 after purchasing an additional 997,000 shares during the period. Maven Securities LTD acquired a new position in Rapport Therapeutics in the 3rd quarter valued at $594,000. Finally, SG Americas Securities LLC grew its holdings in Rapport Therapeutics by 54.4% in the 4th quarter. SG Americas Securities LLC now owns 9,673 shares of the company’s stock valued at $293,000 after buying an additional 3,408 shares in the last quarter.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.

Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.