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

by · The Markets Daily

Rapport Therapeutics, Inc. (NASDAQ:RAPP – Get Free Report) shares shot up 7.8% on Thursday. The company traded as high as $23.65 and last traded at $24.26. Approximately 223,703 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 440,998 shares. The stock had previously closed at $22.50.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RAPP. TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. William Blair assumed coverage on Rapport Therapeutics in a research report on Tuesday, July 28th. They issued an “outperform” rating on the stock. Raymond James Financial restated a “strong-buy” rating and issued a $86.00 price target on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. Wells Fargo & Company cut their price target on Rapport Therapeutics from $51.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $68.36.

Check Out Our Latest Research Report on Rapport Therapeutics

Rapport Therapeutics Stock Performance

The firm has a market capitalization of $1.20 billion, a P/E ratio of -8.24 and a beta of 1.22. The firm has a 50-day moving average of $36.70 and a 200-day moving average of $35.57.

Rapport Therapeutics (NASDAQ:RAPP – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($1.19) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.07). On average, research analysts forecast that Rapport Therapeutics, Inc. will post -4.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Steven M. Paul bought 35,714 shares of the stock in a transaction on Thursday, October 22nd. The shares were acquired at an average price of $27.28 per share, for a total transaction of $974,277.92. Following the purchase, the director owned 77,380 shares of the company’s stock, valued at approximately $2,110,926.40. The trade was a 85.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Healy purchased 969,480 shares of the company’s stock in a transaction dated Wednesday, October 28th. The shares were bought at an average cost of $21.00 per share, for a total transaction of $20,359,080.00. Following the acquisition, the director owned 2,815,707 shares in the company, valued at approximately $59,129,847. The trade was a 52.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 1,031,174 shares of company stock worth $22,023,898 and sold 97,976 shares worth $4,391,729. Corporate insiders own 12.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RAPP. KBC Group NV bought a new position in Rapport Therapeutics in the 1st quarter worth approximately $30,000. Sterling Capital Management LLC raised its position in shares of Rapport Therapeutics by 597.9% during the third quarter. Sterling Capital Management LLC now owns 984 shares of the company’s stock valued at $33,000 after buying an additional 843 shares during the last quarter. State of Wyoming bought a new stake in shares of Rapport Therapeutics during the second quarter valued at approximately $65,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Rapport Therapeutics during the third quarter valued at approximately $82,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Rapport Therapeutics in the second quarter worth $116,000.

Rapport Therapeutics Company Profile

(Get Free Report)

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.

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