Rapport Therapeutics, Inc. (NASDAQ:RAPP) Stock Has Average Price Target of $66.60 According to Brokerages

Rapport Therapeutics, Inc. (NASDAQ:RAPP) has received an average rating of “Buy” from the fifteen analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $66.60.

Several equities research analysts have recently commented on RAPP shares. Citigroup restated an “outperform” rating on shares of Rapport Therapeutics in a research note on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $66.00 price target on shares of Rapport Therapeutics in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Thursday, October 15th. TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a research report on Tuesday. Finally, Wolfe Research began coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They issued an “outperform” rating and a $50.00 price objective on the stock.

Key Stories Impacting Rapport Therapeutics

Here are the key news stories impacting Rapport Therapeutics this week:

• Positive Sentiment: RAP-219 met both the primary and secondary endpoints in the Phase 2 trial, producing statistically significant placebo-adjusted improvements at Week 3 in the Young Mania Rating Scale total score and the CGI-BP Severity of Mania score. The company plans to advance the treatment toward Phase 3. Rapport Therapeutics Announces Positive Topline Results from its Phase 2 Trial of RAP-219
• Positive Sentiment: The trial outcome strengthened the investment case for RAP-219, which analysts view as a potential treatment with peak annual sales of roughly $1 billion if successfully developed and commercialized. Coverage also described the drug as offering a novel mechanism in bipolar mania. Inside the $1 Billion Blockbuster Opportunity That Has Rapport Therapeutics Stock Surging
• Positive Sentiment: Analyst support increased following the data. HC Wainwright reaffirmed its Buy rating with a $66 price target, while BTIG raised its target from $75 to $89 and maintained a Buy rating. These targets imply substantial upside from the stock’s recent trading level.
• Neutral Sentiment: Rapport’s management discussed the Phase 2 results and broader business plans in an investor update, giving the market additional detail on the path toward Phase 3 and the company’s pipeline. Rapport Therapeutics Discusses Phase II Bipolar Mania Trial Results and Business Update Transcript
• Negative Sentiment: Some analysts cautioned that RAP-219 only narrowly achieved statistical significance and that the magnitude of improvement was limited relative to the original ambition for the trial. The company still faces the expense, execution risk and regulatory uncertainty of a Phase 3 program. Rapport’s Phase 2 Bipolar Data Strikes a Chord with Analysts Despite Falling Short of Original Ambition

Insiders Place Their Bets

In related news, COO Cheryl Gault sold 10,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total value of $331,900.00. Following the sale, the chief operating officer directly owned 139,914 shares of the company’s stock, valued at approximately $4,643,745.66. This represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Abraham Ceesay sold 28,958 shares of Rapport Therapeutics stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total value of $1,390,273.58. Following the transaction, the chief executive officer owned 486,108 shares of the company’s stock, valued at $23,338,045.08. This represents a 5.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,976 shares of company stock worth $4,420,349 in the last ninety days. 12.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Rapport Therapeutics

A number of hedge funds have recently bought and sold shares of the company. KBC Group NV purchased a new stake in shares of Rapport Therapeutics in the first quarter valued at $30,000. State of Wyoming acquired a new position in Rapport Therapeutics in the second quarter valued at $65,000. Meeder Asset Management Inc. acquired a new position in Rapport Therapeutics in the second quarter valued at $116,000. AlphaCentric Advisors LLC increased its stake in Rapport Therapeutics by 6.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock valued at $201,000 after purchasing an additional 408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Rapport Therapeutics during the first quarter worth about $215,000.

Rapport Therapeutics Trading Up 2.7%

RAPP stock opened at $29.37 on Wednesday. Rapport Therapeutics has a twelve month low of $23.75 and a twelve month high of $52.93. The company’s 50 day moving average is $40.31 and its two-hundred day moving average is $39.13. The stock has a market cap of $1.41 billion, a P/E ratio of -9.66 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last announced its earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). On average, equities research analysts predict that Rapport Therapeutics will post -4.09 earnings per share for the current year.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.