Rapport Therapeutics (NASDAQ:RAPP) Upgraded to “Strong-Buy” at UBS Group

UBS Group upgraded shares of Rapport Therapeutics (NASDAQ:RAPP) to a strong-buy rating in a report published on Wednesday,Zacks reports.

RAPP has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Thursday. BTIG Research increased their target price on shares of Rapport Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, September 16th. William Blair initiated coverage on shares of Rapport Therapeutics in a report on Tuesday, July 28th. They set an “outperform” rating for the company. Wolfe Research assumed coverage on shares of Rapport Therapeutics in a research note on Thursday. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Guggenheim started coverage on shares of Rapport Therapeutics in a research note on Tuesday, October 6th. They set a “buy” rating and a $65.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rapport Therapeutics has a consensus rating of “Buy” and an average target price of $63.60.

Rapport Therapeutics Stock Down 6.8%

NASDAQ:RAPP traded down $2.00 during trading hours on Wednesday, reaching $27.57. The company had a trading volume of 412,062 shares, compared to its average volume of 474,827. The stock has a 50-day moving average of $41.07 and a two-hundred day moving average of $39.08. Rapport Therapeutics has a one year low of $23.75 and a one year high of $52.93. The firm has a market capitalization of $1.32 billion, a PE ratio of -9.07 and a beta of 1.22.

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

Insider Transactions at Rapport Therapeutics

In other news, COO Cheryl Gault sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the sale, the chief operating officer directly owned 139,914 shares of the company’s stock, valued at $4,643,745.66. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Abraham Ceesay sold 28,958 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the sale, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This trade represents a 5.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 97,976 shares of company stock valued at $4,420,349. Insiders own 12.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RAPP. KBC Group NV acquired a new position in Rapport Therapeutics during the 1st quarter worth $30,000. State of Wyoming acquired a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at $65,000. Meeder Asset Management Inc. acquired a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at $116,000. AlphaCentric Advisors LLC raised its position in shares of Rapport Therapeutics by 6.8% during the first quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock worth $201,000 after acquiring an additional 408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Rapport Therapeutics during the first quarter worth $215,000.

Rapport Therapeutics Company Profile

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.