Rapport Therapeutics (NASDAQ:RAPP) Shares Up 7% After Analyst Upgrade

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares traded up 7% during trading on Wednesday after BTIG Research upgraded the stock to a strong-buy rating. The stock traded as high as $27.09 and last traded at $27.09. 85,668 shares were traded during mid-day trading, a decline of 77% from the average session volume of 368,057 shares. The stock had previously closed at $25.32.

A number of other research analysts have also recently weighed in on RAPP. Truist Financial assumed coverage on Rapport Therapeutics in a research report on Tuesday, September 16th. They set a “buy” rating and a $44.00 price objective for the company. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a “strong-buy” rating in a report on Friday, September 12th. Wall Street Zen raised shares of Rapport Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Citizens Jmp raised their target price on shares of Rapport Therapeutics from $77.00 to $80.00 and gave the stock a “market outperform” rating in a research report on Friday, November 7th. Finally, HC Wainwright boosted their price target on Rapport Therapeutics from $31.00 to $34.00 and gave the company a “buy” rating in a report on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $46.60.

Insider Activity

In related news, COO Cheryl Gault sold 5,000 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $38.33, for a total value of $191,650.00. Following the completion of the transaction, the chief operating officer owned 171,928 shares of the company’s stock, valued at approximately $6,590,000.24. This represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider David Bredt sold 8,500 shares of Rapport Therapeutics stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $25.19, for a total value of $214,115.00. Following the sale, the insider owned 401,142 shares in the company, valued at $10,104,766.98. This represents a 2.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 120,252 shares of company stock valued at $3,193,121. Corporate insiders own 13.57% of the company’s stock.

Institutional Investors Weigh In On Rapport Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of RAPP. Bank of New York Mellon Corp boosted its holdings in shares of Rapport Therapeutics by 77.7% in the 1st quarter. Bank of New York Mellon Corp now owns 35,482 shares of the company’s stock valued at $356,000 after buying an additional 15,514 shares during the period. XTX Topco Ltd acquired a new position in Rapport Therapeutics in the first quarter valued at approximately $155,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Rapport Therapeutics by 23.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 90,968 shares of the company’s stock valued at $912,000 after purchasing an additional 17,459 shares during the last quarter. Deutsche Bank AG raised its position in shares of Rapport Therapeutics by 180.6% during the 1st quarter. Deutsche Bank AG now owns 6,502 shares of the company’s stock worth $65,000 after purchasing an additional 4,185 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Rapport Therapeutics by 77.2% in the 1st quarter. Swiss National Bank now owns 31,900 shares of the company’s stock worth $320,000 after purchasing an additional 13,900 shares during the last quarter.

Rapport Therapeutics Stock Performance

The business’s 50 day simple moving average is $26.38 and its 200-day simple moving average is $18.01. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -10.06 and a beta of 1.64.

Rapport Therapeutics (NASDAQ:RAPP) last announced its earnings results on Thursday, November 6th. The company reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.06. As a group, sell-side analysts expect that Rapport Therapeutics, Inc. will post -3.65 EPS for the current year.

Rapport Therapeutics Company Profile

Rapport Therapeutics Inc is a clinical-stage biotechnology company. It focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders. Rapport Therapeutics Inc is based in BOSTON.