Rapport Therapeutics (NASDAQ:RAPP) Hits New 52-Week High – Here’s Why

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) hit a new 52-week high during trading on Tuesday . The stock traded as high as $44.28 and last traded at $42.80, with a volume of 12085 shares. The stock had previously closed at $42.13.

Analyst Ratings Changes

Several research firms have recently weighed in on RAPP. Leerink Partners assumed coverage on shares of Rapport Therapeutics in a report on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price target for the company. Raymond James Financial began coverage on shares of Rapport Therapeutics in a research report on Friday, April 10th. They issued a “strong-buy” rating and a $66.00 price objective on the stock. William Blair assumed coverage on shares of Rapport Therapeutics in a research note on Tuesday. They issued an “outperform” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Friday, July 17th. Finally, Truist Financial started coverage on Rapport Therapeutics in a research note on Monday, May 18th. They issued a “buy” rating and a $56.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Rapport Therapeutics Stock Up 1.8%

The stock’s fifty day moving average price is $38.90 and its 200-day moving average price is $33.66. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of -16.49 and a beta of 0.94.

Rapport Therapeutics (NASDAQ:RAPP) last announced its earnings results on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.14. The business had revenue of $20.00 million for the quarter, compared to analyst estimates of $7.50 million. Analysts anticipate that Rapport Therapeutics, Inc. will post -3.33 EPS for the current year.

Insider Activity at Rapport Therapeutics

In other news, major shareholder Rock Ventures V. L.P. Third sold 271,495 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $40.12, for a total value of $10,892,379.40. Following the completion of the transaction, the insider owned 6,437,733 shares in the company, valued at $258,281,847.96. This trade represents a 4.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 428,703 shares of company stock worth $17,215,252. Corporate insiders own 12.48% of the company’s stock.

Institutional Trading of Rapport Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of RAPP. Bank of America Corp DE grew its stake in Rapport Therapeutics by 220.7% in the first quarter. Bank of America Corp DE now owns 110,826 shares of the company’s stock valued at $3,468,000 after purchasing an additional 76,273 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Rapport Therapeutics by 25.2% in the first quarter. California State Teachers Retirement System now owns 33,426 shares of the company’s stock valued at $1,046,000 after buying an additional 6,736 shares in the last quarter. Sei Investments Co. increased its holdings in Rapport Therapeutics by 68.7% during the first quarter. Sei Investments Co. now owns 30,819 shares of the company’s stock worth $964,000 after buying an additional 12,551 shares during the last quarter. Walleye Capital LLC acquired a new position in Rapport Therapeutics during the first quarter worth $349,000. Finally, Dimensional Fund Advisors LP raised its position in Rapport Therapeutics by 168.9% during the first quarter. Dimensional Fund Advisors LP now owns 224,498 shares of the company’s stock worth $7,025,000 after acquiring an additional 141,011 shares in the last quarter.

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.