Rapport Therapeutics (NASDAQ:RAPP) Stock Gets Price Target Increase from JonesTrading

Rapport Therapeutics (NASDAQ:RAPP) had its price target increased by research analysts at JonesTrading from $50.00 to $82.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. JonesTrading’s price objective indicates a potential upside of 214.97% from the stock’s previous close.

A number of other equities research analysts have also commented on RAPP. Citigroup reaffirmed an “outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday. Raymond James Financial reiterated a “strong-buy” rating and issued a $86.00 price objective on shares of Rapport Therapeutics in a research report on Tuesday. Wall Street Zen cut Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Guggenheim raised their target price on shares of Rapport Therapeutics from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Wolfe Research initiated coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They issued an “outperform” rating and a $50.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rapport Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $68.36.

Rapport Therapeutics Stock Down 11.4%

Shares of RAPP traded down $3.34 during trading hours on Wednesday, reaching $26.03. The stock had a trading volume of 1,311,854 shares, compared to its average volume of 397,603. The company has a market cap of $1.25 billion, a P/E ratio of -8.51 and a beta of 1.22. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93. The firm has a 50-day moving average of $40.31 and a 200 day moving average of $39.13.

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 the consensus estimate of ($1.12) by ($0.07). As a group, equities analysts expect that Rapport Therapeutics will post -4.09 earnings per share for the current year.

Insider Transactions at Rapport Therapeutics

In other Rapport Therapeutics news, COO Cheryl Gault sold 10,000 shares of Rapport Therapeutics stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $33.19, for a total value of $331,900.00. Following the sale, the chief operating officer owned 139,914 shares of the company’s stock, valued at $4,643,745.66. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Abraham Ceesay sold 28,958 shares of Rapport Therapeutics stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total value of $1,390,273.58. Following the completion of the sale, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 97,976 shares of company stock valued at $4,420,349. Corporate insiders own 12.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP bought a new stake in Rapport Therapeutics in the 2nd quarter valued at approximately $888,000. Wellington Management Group LLP boosted its position in Rapport Therapeutics by 11.2% during 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 during the last quarter. Artia Global Partners LP bought a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $5,772,000. Bank of America Corp DE bought a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $3,170,000. Finally, Jupiter Topco LLC bought a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $574,000.

Key Headlines Impacting Rapport Therapeutics

Here are the key news stories impacting Rapport Therapeutics this week:

• Positive Sentiment: Rapport reported that its Phase 2 trial of RAP-219 met both the primary and secondary endpoints. At Week 3, the treatment produced a statistically significant placebo-adjusted 3.1-point improvement in the Young Mania Rating Scale and a 0.4-point improvement in the Clinical Global Impression–Bipolar severity score. Rapport Phase 2 topline results
• Positive Sentiment: The company plans to advance RAP-219 into Phase 3 bipolar-mania trials, reducing some development uncertainty and supporting the potential for a larger commercial opportunity. Rapport plans Phase III trials
• Positive Sentiment: Analysts responded favorably: BTIG raised its price target to $89 from $75, Raymond James increased its target to $86 from $75, and HC Wainwright reaffirmed a Buy rating with a $66 target. Analysts have cited a potential blockbuster opportunity, with estimated peak sales near $1 billion. Raymond James price target increase
• Neutral Sentiment: Investor reaction has been volatile, with unusually heavy trading volume following the data release as the market weighs the clinical results and the transition toward Phase 3. Rapport trading volume
• Negative Sentiment: Some coverage characterized the trial win as modest because RAP-219 fell short of the study’s original ambitions, which may explain profit-taking and the stock’s continued weakness despite positive headline results. Rapport Phase 2 analysis

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.