Rapport Therapeutics (NASDAQ:RAPP) Stock Price Up 7.8% – Here’s What Happened

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares rose 7.8% on Thursday. The stock traded as high as $23.65 and last traded at $24.26. Approximately 223,703 shares traded hands during trading, a decline of 49% from the average daily volume of 440,998 shares. The stock had previously closed at $22.50.

Analyst Ratings Changes

Several research firms recently issued reports on RAPP. TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. Wolfe Research initiated coverage on shares of Rapport Therapeutics in a report on Thursday, October 15th. They set an “outperform” rating and a $50.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Thursday, October 15th. JonesTrading raised their price objective on shares of Rapport Therapeutics from $50.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $86.00 price target on shares of Rapport Therapeutics in a research report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $68.36.

Rapport Therapeutics Price Performance

The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -8.10 and a beta of 1.22. The firm has a 50 day simple moving average of $37.66 and a two-hundred day simple moving average of $35.61.

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 analysts’ consensus estimates of ($1.12) by ($0.07). On average, sell-side analysts expect that Rapport Therapeutics, Inc. will post -4.08 earnings per share for the current fiscal year.

Insider Transactions at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the company’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 sale, the chief executive officer directly owned 486,108 shares of the company’s stock, valued at approximately $23,338,045.08. This represents a 5.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Troy A. Ignelzi purchased 5,500 shares of the stock in a transaction on Wednesday, October 21st. The shares were acquired at an average cost of $26.10 per share, for a total transaction of $143,550.00. Following the transaction, the chief financial officer owned 15,500 shares of the company’s stock, valued at approximately $404,550. The trade was a 55.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 61,694 shares of company stock worth $1,664,818 and sold 97,976 shares worth $4,391,729. 12.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rapport Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. AlphaCentric Advisors LLC grew its stake in Rapport Therapeutics by 6.8% in the 1st quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock valued at $201,000 after buying an additional 408 shares during the last quarter. Sterling Capital Management LLC lifted its stake in Rapport Therapeutics by 597.9% during the third quarter. Sterling Capital Management LLC now owns 984 shares of the company’s stock worth $33,000 after purchasing an additional 843 shares during the last quarter. KBC Group NV bought a new position in shares of Rapport Therapeutics in the first quarter worth about $30,000. State of Wyoming bought a new stake in shares of Rapport Therapeutics during the second quarter worth $65,000. Finally, Swiss National Bank lifted its stake in shares of Rapport Therapeutics by 3.5% in the 1st quarter. Swiss National Bank now owns 56,500 shares of the company’s stock valued at $1,768,000 after acquiring an additional 1,900 shares during the last quarter.

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.