Wolfe Research Initiates Coverage on Rapport Therapeutics (NASDAQ:RAPP)

Analysts at Wolfe Research started coverage on shares of Rapport Therapeutics (NASDAQ:RAPP) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set an “outperform” rating and a $50.00 price target on the stock. Wolfe Research’s target price would indicate a potential upside of 76.49% from the company’s previous close.

Other analysts have also issued reports about the company. HC Wainwright raised their price objective on Rapport Therapeutics from $40.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. William Blair started coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They set an “outperform” rating for the company. Wall Street Zen downgraded Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of Rapport Therapeutics in a research report on Tuesday, September 22nd. Finally, Leerink Partners began coverage on shares of Rapport Therapeutics in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.60.

Rapport Therapeutics Stock Performance

NASDAQ:RAPP opened at $28.33 on Thursday. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93. The stock’s 50-day moving average price is $41.76 and its 200-day moving average price is $39.15.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.07). As a group, equities research analysts anticipate that Rapport Therapeutics will post -4.09 EPS for the current fiscal year.

Insider Activity

In related news, CEO Abraham Ceesay sold 28,958 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total value of $1,390,273.58. Following the transaction, the chief executive officer directly owned 486,108 shares of the company’s stock, valued at approximately $23,338,045.08. This trade represents a 5.62% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Cheryl Gault sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the completion of the transaction, the chief operating officer directly owned 139,914 shares in the company, valued at $4,643,745.66. This represents a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 97,976 shares of company stock valued at $4,420,349. Insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP acquired a new stake in shares of Rapport Therapeutics in the second quarter worth approximately $888,000. Wellington Management Group LLP raised its stake in Rapport Therapeutics by 11.2% in the 2nd quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock valued at $3,625,000 after purchasing an additional 8,757 shares during the last quarter. Artia Global Partners LP acquired a new position in Rapport Therapeutics in the 2nd quarter valued at $5,772,000. Bank of America Corp DE purchased a new position in Rapport Therapeutics in the 2nd quarter valued at $3,170,000. Finally, Jupiter Topco LLC purchased a new position in Rapport Therapeutics in the 2nd quarter valued at $574,000.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its proprietary RAP platform to identify and target synaptic receptor-associated proteins, which can influence the activity, distribution and function of receptors involved in the central nervous system.

Rapport’s lead clinical program is relutrigine, also known as RAP-219, an orally administered small-molecule therapy being developed for focal epilepsy.