Rapport Therapeutics (NASDAQ:RAPP) Announces Earnings Results
by Scott Moore · The Cerbat GemRapport Therapeutics (NASDAQ:RAPP – Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.67) by $0.25, FiscalAI reports. The company had revenue of $20.00 million during the quarter, compared to the consensus estimate of $7.50 million.
Rapport Therapeutics Trading Down 4.7%
Shares of NASDAQ RAPP traded down $1.89 during trading hours on Friday, reaching $38.04. The stock had a trading volume of 373,430 shares, compared to its average volume of 381,446. Rapport Therapeutics has a 52-week low of $7.73 and a 52-week high of $42.27. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -14.63 and a beta of 0.82. The business’s fifty day moving average price is $32.08 and its two-hundred day moving average price is $29.36.
Wall Street Analyst Weigh In
RAPP has been the topic of several analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Rapport Therapeutics in a report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Tuesday, April 21st. Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. Raymond James Financial began coverage on shares of Rapport Therapeutics in a research note on Friday, April 10th. They set a “strong-buy” rating and a $66.00 price target for the company. Finally, Truist Financial raised shares of Rapport Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $54.83.
Read Our Latest Report on RAPP
Insider Activity at Rapport Therapeutics
In other news, insider David Bredt sold 8,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $29.02, for a total transaction of $246,670.00. Following the transaction, the insider owned 387,075 shares in the company, valued at approximately $11,232,916.50. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Abraham Ceesay sold 5,833 shares of Rapport Therapeutics stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $29.34, for a total value of $171,140.22. Following the completion of the sale, the chief executive officer owned 556,247 shares of the company’s stock, valued at $16,320,286.98. The trade was a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 487,885 shares of company stock worth $19,319,002 over the last three months. Corporate insiders own 13.57% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Vestal Point Capital LP purchased a new position in Rapport Therapeutics during the third quarter valued at approximately $28,215,000. Polar Capital Holdings Plc bought a new stake in Rapport Therapeutics during the 3rd quarter valued at $27,887,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Rapport Therapeutics by 265.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 892,258 shares of the company’s stock valued at $26,500,000 after acquiring an additional 648,378 shares during the period. Vanguard Group Inc. raised its position in shares of Rapport Therapeutics by 46.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,626,538 shares of the company’s stock worth $48,308,000 after acquiring an additional 519,047 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Rapport Therapeutics by 92.3% during the 4th quarter. State Street Corp now owns 714,821 shares of the company’s stock worth $21,688,000 after purchasing an additional 343,195 shares during the last quarter.
About Rapport Therapeutics
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.