Rapport Therapeutics (NASDAQ:RAPP) Trading Down 7.2% – What’s Next?

by · The Markets Daily

Rapport Therapeutics, Inc. (NASDAQ:RAPPGet Free Report)’s stock price was down 7.2% during trading on Wednesday . The stock traded as low as $39.14 and last traded at $38.4660. 16,386 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 346,907 shares. The stock had previously closed at $41.47.

Wall Street Analysts Forecast Growth

RAPP has been the topic of several analyst reports. UBS Group set a $80.00 price target on shares of Rapport Therapeutics in a report on Wednesday. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Friday, July 17th. William Blair started coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They set an “outperform” rating on the stock. Finally, Leerink Partners assumed coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $66.25.

Get Our Latest Stock Report on Rapport Therapeutics

Rapport Therapeutics Trading Down 15.3%

The company’s 50 day moving average is $44.84 and its 200 day moving average is $38.79. The company has a market cap of $1.68 billion, a PE ratio of -11.57 and a beta of 1.02.

Rapport Therapeutics (NASDAQ:RAPPGet Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.07). Analysts expect that Rapport Therapeutics, Inc. will post -4.09 EPS for the current year.

Insider Transactions at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the sale, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 81,244 shares of company stock valued at $3,858,615 over the last three months. Insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. TRV GP V LLC acquired a new position in shares of Rapport Therapeutics in the 2nd quarter worth approximately $261,709,477. ARCH Venture Management LLC acquired a new position in Rapport Therapeutics during the 2nd quarter worth about $155,376,512. Goldman Sachs Group Inc. boosted its holdings in Rapport Therapeutics by 23.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,001,879 shares of the company’s stock valued at $91,077,000 after acquiring an additional 579,903 shares during the period. BlackRock Inc. acquired a new position in Rapport Therapeutics in the 2nd quarter valued at about $112,500,000. Finally, Johnson & Johnson purchased a new stake in Rapport Therapeutics during the second quarter worth about $74,360,823.

About Rapport Therapeutics

(Get Free Report)

Rapport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for disorders of the central nervous system. The company’s research centers on receptor-associated proteins, which help regulate neurotransmitter receptors and may provide opportunities to develop more selective therapies than those that target receptors broadly.

Rapport’s lead development program, RAP-219, is an orally administered investigational therapy designed to modulate AMPA receptors through their associated proteins.

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