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

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) rose 7.8% on Wednesday . The company traded as high as $30.12 and last traded at $29.8250. Approximately 102,254 shares traded hands during trading, a decline of 61% from the average daily volume of 265,211 shares. The stock had previously closed at $27.66.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company set a $51.00 target price on Rapport Therapeutics in a research report on Friday, December 19th. Wall Street Zen raised shares of Rapport Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, December 14th. The Goldman Sachs Group reissued a “buy” rating on shares of Rapport Therapeutics in a research report on Friday, December 19th. Citizens Jmp increased their price target on shares of Rapport Therapeutics from $77.00 to $80.00 and gave the stock a “market outperform” rating in a research report on Friday, November 7th. Finally, BTIG Research reissued a “buy” rating and issued a $47.00 price objective on shares of Rapport Therapeutics in a report on Monday, December 8th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rapport Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $48.33.

Rapport Therapeutics Trading Up 6.5%

The company’s 50-day moving average price is $28.23 and its two-hundred day moving average price is $22.43. The company has a market cap of $1.40 billion, a P/E ratio of -10.87 and a beta of 1.63.

Rapport Therapeutics (NASDAQ:RAPP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.06. Equities analysts forecast that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current year.

Insider Transactions at Rapport Therapeutics

In other Rapport Therapeutics news, insider David Bredt sold 8,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $25.79, for a total transaction of $219,215.00. Following the sale, the insider owned 409,642 shares in the company, valued at approximately $10,564,667.18. The trade was a 2.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Abraham Ceesay sold 5,833 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $29.64, for a total transaction of $172,890.12. Following the sale, the chief executive officer directly owned 567,913 shares of the company’s stock, valued at $16,832,941.32. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 67,655 shares of company stock worth $1,851,447 in the last three months. 13.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rapport Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RAPP. Affinity Asset Advisors LLC acquired a new stake in shares of Rapport Therapeutics during the second quarter worth approximately $2,270,000. TD Asset Management Inc increased its stake in Rapport Therapeutics by 20.9% in the 2nd quarter. TD Asset Management Inc now owns 196,870 shares of the company’s stock valued at $2,238,000 after buying an additional 34,052 shares during the period. Corebridge Financial Inc. lifted its position in Rapport Therapeutics by 79.1% in the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company’s stock worth $83,000 after buying an additional 3,653 shares in the last quarter. MetLife Investment Management LLC lifted its position in Rapport Therapeutics by 90.2% in the 1st quarter. MetLife Investment Management LLC now owns 10,863 shares of the company’s stock worth $109,000 after buying an additional 5,153 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Rapport Therapeutics during the 3rd quarter valued at $43,000.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.

Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.