Rock Ventures L.P. Third Sells 271,495 Shares of Rapport Therapeutics (NASDAQ:RAPP) Stock

Rapport Therapeutics, Inc. (NASDAQ:RAPP) major shareholder Rock Ventures L.P. Third sold 271,495 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $40.12, for a total transaction of $10,892,379.40. Following the completion of the transaction, the insider directly owned 6,437,733 shares of the company’s stock, valued at $258,281,847.96. The trade was a 4.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Rapport Therapeutics Price Performance

Shares of RAPP stock opened at $37.24 on Wednesday. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of -14.32 and a beta of 0.82. The business has a fifty day moving average of $32.58 and a 200 day moving average of $29.61. Rapport Therapeutics, Inc. has a 1 year low of $7.73 and a 1 year high of $42.27.

Rapport Therapeutics (NASDAQ:RAPP) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.14. The business had revenue of $20.00 million for the quarter, compared to analysts’ expectations of $7.50 million. As a group, equities research analysts expect that Rapport Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Institutional Investors Weigh In On Rapport Therapeutics

Hedge funds have recently modified their holdings of the company. KBC Group NV purchased a new stake in shares of Rapport Therapeutics in the first quarter valued at about $30,000. Meeder Asset Management Inc. purchased a new position in Rapport Therapeutics in the fourth quarter worth approximately $37,000. Russell Investments Group Ltd. purchased a new position in Rapport Therapeutics during the third quarter worth about $43,000. Strs Ohio boosted its stake in Rapport Therapeutics by 23.5% during the third quarter. Strs Ohio now owns 2,100 shares of the company’s stock worth $62,000 after buying an additional 400 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rapport Therapeutics by 64.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,316 shares of the company’s stock worth $70,000 after buying an additional 905 shares during the period.

Analysts Set New Price Targets

Several research firms have recently weighed in on RAPP. TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a report on Monday, March 9th. BTIG Research restated a “buy” rating and issued a $53.00 price target on shares of Rapport Therapeutics in a research note on Friday, May 8th. Wells Fargo & Company lifted their price target on Rapport Therapeutics from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, March 11th. Truist Financial upgraded Rapport Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $54.83.

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.