Rapport Therapeutics (NASDAQ:RAPP) Stock Picked Up by Analysts at Guggenheim

Stock analysts at Guggenheim initiated coverage on shares of Rapport Therapeutics (NASDAQ:RAPP) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $65.00 price target on the stock. Guggenheim’s target price suggests a potential upside of 110.63% from the company’s previous close.

Several other brokerages have also recently weighed in on RAPP. BTIG Research boosted their price objective on Rapport Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, September 16th. Wall Street Zen cut Rapport Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. HC Wainwright boosted their target price on Rapport Therapeutics from $40.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a report on Tuesday, September 22nd. Finally, William Blair assumed coverage on Rapport Therapeutics in a research report on Tuesday, July 28th. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $66.11.

Rapport Therapeutics Stock Down 0.9%

Shares of NASDAQ:RAPP opened at $30.86 on Tuesday. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93. The stock has a market capitalization of $1.48 billion, a P/E ratio of -10.15 and a beta of 1.22. The firm has a fifty day simple moving average of $42.99 and a two-hundred day simple moving average of $39.10.

Rapport Therapeutics (NASDAQ:RAPP) last posted its earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). On average, analysts expect that Rapport Therapeutics will post -4.09 earnings per share for the current year.

Insiders Place Their Bets

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 28,958 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total value of $1,390,273.58. Following the transaction, the chief executive officer owned 486,108 shares of the company’s stock, valued at $23,338,045.08. This represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Cheryl Gault sold 10,000 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $33.19, for a total value of $331,900.00. Following the completion of the sale, the chief operating officer owned 139,914 shares in the company, valued at approximately $4,643,745.66. The trade was a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 93,454 shares of company stock valued at $4,277,081. 12.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new stake in Rapport Therapeutics during the 2nd quarter valued at about $888,000. Wellington Management Group LLP grew its stake in Rapport Therapeutics by 11.2% in the 2nd quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock worth $3,625,000 after acquiring an additional 8,757 shares in the last quarter. Artia Global Partners LP bought a new position in Rapport Therapeutics in the 2nd quarter worth about $5,772,000. Bank of America Corp DE bought a new position in Rapport Therapeutics in the 2nd quarter worth about $3,170,000. Finally, Jupiter Topco LLC purchased a new position in shares of Rapport Therapeutics during the second quarter worth approximately $574,000.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its proprietary RAP platform to identify and target synaptic receptor-associated proteins, which can influence the activity, distribution and function of receptors involved in the central nervous system.

Rapport’s lead clinical program is relutrigine, also known as RAP-219, an orally administered small-molecule therapy being developed for focal epilepsy.