Rapport Therapeutics (NASDAQ:RAPP) Announces Quarterly Earnings Results

Rapport Therapeutics (NASDAQ:RAPP) released its quarterly earnings results on Wednesday. The company reported ($0.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.36, FiscalAI reports.

Rapport Therapeutics Stock Down 7.4%

Shares of NASDAQ:RAPP traded down $1.93 during midday trading on Thursday, hitting $24.00. The stock had a trading volume of 364,425 shares, compared to its average volume of 464,837. Rapport Therapeutics has a 12 month low of $22.06 and a 12 month high of $52.93. The business’s 50-day simple moving average is $35.26 and its 200-day simple moving average is $35.55. The company has a market cap of $1.15 billion, a P/E ratio of -7.88 and a beta of 1.40.

Analysts Set New Price Targets

A number of brokerages have recently commented on RAPP. HC Wainwright restated a “buy” rating and set a $66.00 target price on shares of Rapport Therapeutics in a report on Tuesday, October 20th. Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Guggenheim lowered their price target on shares of Rapport Therapeutics from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday. William Blair began coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Rapport Therapeutics from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $66.55.

Insider Activity

In other news, Director Ramiro Sanchez acquired 3,600 shares of the firm’s stock in a transaction dated Friday, October 23rd. The stock was bought at an average price of $27.35 per share, with a total value of $98,460.00. Following the transaction, the director directly owned 3,600 shares in the company, valued at approximately $98,460. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul M. Silva acquired 3,680 shares of the stock in a transaction dated Thursday, October 22nd. The shares were purchased at an average price of $27.07 per share, for a total transaction of $99,617.60. Following the completion of the purchase, the director directly owned 3,680 shares in the company, valued at $99,617.60. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 1,031,174 shares of company stock valued at $22,023,898 and sold 97,976 shares valued at $4,391,729. 12.48% of the stock is owned by insiders.

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.