Rapport Therapeutics (NASDAQ:RAPP) Stock Price Target Lowered at Guggenheim

Key Points

• Guggenheim lowered its price target on Rapport Therapeutics from $70 to $66 but maintained a Buy rating; its revised target implies 169.28% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports a consensus Buy rating and an average target of $66.55, though recent targets range from Wells Fargo’s $47 to BTIG’s $89.
• Rapport reported a quarterly loss of $0.84 per share, beating analysts’ estimate of a $1.20 loss. Shares traded at $24.51 on Thursday.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) had its price target decreased by investment analysts at Guggenheim from $70.00 to $66.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price objective would indicate a potential upside of 169.28% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Wolfe Research started coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They set an "outperform" rating and a $50.00 target price for the company. BTIG Research raised their price objective on Rapport Therapeutics from $75.00 to $89.00 and gave the company a "buy" rating in a research report on Tuesday, October 20th. William Blair began coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They set an "outperform" rating for the company. JonesTrading boosted their target price on Rapport Therapeutics from $50.00 to $82.00 and gave the stock a "buy" rating in a report on Wednesday, October 21st. Finally, Wells Fargo & Company cut their target price on Rapport Therapeutics from $50.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $66.55.

Rapport Therapeutics Price Performance

NASDAQ RAPP traded down $1.42 during trading hours on Thursday, reaching $24.51. 146,796 shares of the stock traded hands, compared to its average volume of 463,426. Rapport Therapeutics has a 1 year low of $22.06 and a 1 year high of $52.93. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -8.05 and a beta of 1.40. The stock has a 50 day simple moving average of $35.26 and a two-hundred day simple moving average of $35.55.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported ($0.84) EPS for the quarter, topping analysts' consensus estimates of ($1.20) by $0.36. On average, sell-side analysts forecast that Rapport Therapeutics will post -4.08 EPS for the current fiscal year.

Insider Transactions at Rapport Therapeutics

In other Rapport Therapeutics news, Director John Maraganore acquired 9,411 shares of the stock in a transaction dated Thursday, October 22nd. The shares were acquired at an average cost of $26.45 per share, for a total transaction of $248,920.95. Following the completion of the transaction, the director directly owned 9,411 shares of the company's stock, valued at approximately $248,920.95. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 value of $331,900.00. Following the sale, the chief operating officer directly owned 139,914 shares in the company, valued at $4,643,745.66. This trade represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have purchased 1,031,174 shares of company stock valued at $22,023,898 and have sold 97,976 shares valued at $4,391,729. 12.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RAPP. TRV GP V LLC bought a new position in Rapport Therapeutics in the 2nd quarter worth about $261,709,477. ARCH Venture Management LLC bought a new stake in shares of Rapport Therapeutics during the second quarter valued at approximately $155,376,512. BlackRock Inc. bought a new stake in shares of Rapport Therapeutics during the second quarter valued at approximately $112,500,000. Johnson & Johnson bought a new stake in shares of Rapport Therapeutics during the second quarter valued at approximately $74,360,823. Finally, TRV GP VI LLC acquired a new position in shares of Rapport Therapeutics during the second quarter worth approximately $40,387,314.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.