Rapport Therapeutics (NASDAQ:RAPP) Stock Rated "Buy" in New Coverage at Guggenheim

Key Points

• Guggenheim initiated coverage with a “Buy” rating and a $65 price target, implying 108.67% upside from Rapport Therapeutics’ current price. Analysts overall maintain an average “Buy” rating with a $66.11 target.
• Rapport shares opened at $31.15 after falling 3.2%, well below their 12-month high of $52.93. The company also reported a quarterly EPS loss of $1.19, missing the $1.12 consensus estimate.
• Company insiders have sold 93,454 shares worth approximately $4.28 million over the past 90 days, while institutional investors have made both new purchases and incremental stake increases.

Guggenheim assumed coverage on shares of Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $65.00 price target on the stock. Guggenheim's target price suggests a potential upside of 108.67% from the stock's current price.

Several other brokerages have also commented on RAPP. Wall Street Zen lowered shares of Rapport Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Citigroup reiterated a "market outperform" rating on shares of Rapport Therapeutics in a report on Wednesday, September 23rd. Leerink Partners began coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They issued an "outperform" rating and a $52.00 target price for the company. William Blair initiated coverage on Rapport Therapeutics in a research report on Tuesday, July 28th. They issued an "outperform" rating for the company. Finally, UBS Group set a $80.00 target price on Rapport Therapeutics in a research note on Wednesday, September 23rd. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Rapport Therapeutics has an average rating of "Buy" and an average price target of $66.11.

Rapport Therapeutics Trading Down 3.2%

Shares of NASDAQ RAPP opened at $31.15 on Tuesday. Rapport Therapeutics has a 12 month low of $23.75 and a 12 month high of $52.93. The firm has a market capitalization of $1.49 billion, a PE ratio of -10.25 and a beta of 1.22. The firm has a fifty day simple moving average of $43.19 and a two-hundred day simple moving average of $39.08.

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

Insider Transactions at Rapport Therapeutics

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 2,210 shares of the firm's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $39.17, for a total transaction of $86,565.70. Following the completion of the transaction, the chief executive officer owned 456,767 shares of the company's stock, valued at approximately $17,891,563.39. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Cheryl Gault sold 10,000 shares of Rapport Therapeutics stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the transaction, the chief operating officer owned 139,914 shares of the company's stock, valued at $4,643,745.66. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 93,454 shares of company stock worth $4,277,081. Corporate insiders own 12.48% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. AlphaCentric Advisors LLC raised its position in shares of Rapport Therapeutics by 6.8% in the 1st quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company's stock worth $201,000 after purchasing an additional 408 shares during the last quarter. KBC Group NV bought a new stake in Rapport Therapeutics during the 1st quarter valued at about $30,000. State of Wyoming purchased a new position in Rapport Therapeutics in the second quarter worth about $65,000. Swiss National Bank lifted its stake in shares of Rapport Therapeutics by 3.5% in the first quarter. Swiss National Bank now owns 56,500 shares of the company's stock worth $1,768,000 after buying an additional 1,900 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Rapport Therapeutics during the second quarter valued at approximately $116,000.

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.