BTIG Research Boosts Rapport Therapeutics (NASDAQ:RAPP) Price Target to $75.00

Rapport Therapeutics (NASDAQ:RAPP) had its price target increased by equities research analysts at BTIG Research from $65.00 to $75.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price target points to a potential upside of 75.73% from the company’s previous close.

Several other research firms have also recently issued reports on RAPP. Raymond James Financial reissued a “strong-buy” rating and issued a $75.00 target price on shares of Rapport Therapeutics in a research report on Monday, August 17th. Leerink Partners started coverage on shares of Rapport Therapeutics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target for the company. HC Wainwright increased their price target on shares of Rapport Therapeutics from $40.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. William Blair started coverage on shares of Rapport Therapeutics in a report on Tuesday, July 28th. They issued an “outperform” rating on the stock. Finally, UBS Group reissued a “strong-buy” rating on shares of Rapport Therapeutics in a research note on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rapport Therapeutics has a consensus rating of “Buy” and an average target price of $64.29.

Rapport Therapeutics Trading Down 3.0%

Rapport Therapeutics stock opened at $42.68 on Wednesday. The firm has a market capitalization of $2.05 billion, a P/E ratio of -14.04 and a beta of 1.02. The stock has a fifty day moving average price of $44.90 and a 200 day moving average price of $38.36. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93.

Rapport Therapeutics (NASDAQ:RAPP) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). As a group, equities analysts predict that Rapport Therapeutics will post -4.09 EPS for the current year.

Insider Buying and Selling at Rapport Therapeutics

In related news, CEO Abraham Ceesay sold 28,958 shares of Rapport Therapeutics stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the transaction, the chief executive officer owned 486,108 shares in the company, valued at approximately $23,338,045.08. The trade was a 5.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 81,244 shares of company stock worth $3,858,615. Insiders own 12.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RAPP. Engineers Gate Manager LP purchased a new stake in shares of Rapport Therapeutics in the second quarter worth about $888,000. Wellington Management Group LLP raised its holdings in shares of Rapport Therapeutics by 11.2% during the 2nd quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock valued at $3,625,000 after buying an additional 8,757 shares during the period. Artia Global Partners LP purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter valued at about $5,772,000. Bank of America Corp DE acquired a new position in Rapport Therapeutics during the 2nd quarter worth approximately $3,170,000. Finally, Jupiter Topco LLC acquired a new position in Rapport Therapeutics during the 2nd quarter worth approximately $574,000.

Rapport Therapeutics Company Profile

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.