Rapport Therapeutics (NASDAQ:RAPP) Stock Price Target Raised at BTIG Research

Key Points

• BTIG Research raised Rapport Therapeutics’ price target to $89 from $75 and maintained a “buy” rating, implying approximately 211% upside from the stock’s $28.60 price.
• Analyst sentiment is broadly positive, with a consensus “buy” rating and an average price target of $65, although one analyst maintains a sell rating.
• Rapport reported a quarterly loss of $1.19 per share, worse than the $1.12 consensus estimate. Meanwhile, insiders sold nearly 98,000 shares worth about $4.4 million over the past 90 days.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) had its price objective upped by equities research analysts at BTIG Research from $75.00 to $89.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 211.19% from the stock's current price.

RAPP has been the topic of a number of other reports. Wolfe Research began coverage on Rapport Therapeutics in a research note on Thursday, October 15th. They issued an "outperform" rating and a $50.00 price objective on the stock. Guggenheim began coverage on shares of Rapport Therapeutics in a report on Tuesday, October 6th. They set a "buy" rating and a $65.00 price objective on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rapport Therapeutics in a research report on Thursday. William Blair began coverage on shares of Rapport Therapeutics in a research note on Tuesday, July 28th. They issued an "outperform" rating for the company. Finally, Leerink Partners began coverage on shares of Rapport Therapeutics in a research report on Wednesday, June 24th. They issued an "outperform" rating and a $52.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Rapport Therapeutics has a consensus rating of "Buy" and a consensus target price of $65.00.

Rapport Therapeutics Stock Performance

Shares of RAPP opened at $28.60 on Tuesday. The stock's fifty day moving average price is $40.70 and its two-hundred day moving average price is $39.14. Rapport Therapeutics has a 1 year low of $23.75 and a 1 year high of $52.93.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) EPS for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.07). As a group, analysts forecast that Rapport Therapeutics will post -4.09 EPS for the current year.

Insiders Place Their Bets

In related news, COO Cheryl Gault sold 10,000 shares of the business's stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $33.19, for a total transaction of $331,900.00. Following the sale, the chief operating officer directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Abraham Ceesay sold 28,958 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This trade represents a 5.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 97,976 shares of company stock valued at $4,420,349 over the last ninety days. Corporate insiders own 12.48% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Algert Global LLC bought a new position in shares of Rapport Therapeutics in the second quarter valued at approximately $9,327,000. Johnson & Johnson bought a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $74,360,823. Legal & General Group Plc bought a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $940,000. Walleye Capital LLC bought a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $4,257,000. Finally, Bank of New York Mellon Corp bought a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $3,426,000.

Rapport Therapeutics Company Profile

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.

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