Rapport Therapeutics (NASDAQ:RAPP) Stock Rated Outperform in New Coverage at Wolfe Research

Key Points

• Wolfe Research initiated coverage of Rapport Therapeutics with an “outperform” rating and a $50 price target, implying approximately 76% upside from the stock’s reported $28.33 price.
• Analyst sentiment is broadly positive: the stock has one Strong Buy, 13 Buy, and one Sell rating, producing a consensus “Moderate Buy” rating and an average price target of $63.60.
• Rapport’s latest quarterly loss of $1.19 per share missed the $1.12 consensus estimate, while insiders sold nearly 98,000 shares worth about $4.4 million during the quarter.

Wolfe Research assumed coverage on shares of Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) in a report issued on Thursday, Marketbeat reports. The firm set an "outperform" rating and a $50.00 price target on the stock. Wolfe Research's price target suggests a potential upside of 76.49% from the company's current price.

Several other brokerages also recently weighed in on RAPP. Raymond James Financial restated a "strong-buy" rating on shares of Rapport Therapeutics in a research note on Tuesday, September 22nd. Guggenheim started coverage on Rapport Therapeutics in a research note on Tuesday, October 6th. They issued a "buy" rating and a $65.00 price target for the company. BTIG Research increased their price target on Rapport Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, September 16th. William Blair assumed coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They issued an "outperform" rating for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Rapport Therapeutics in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $63.60.

Rapport Therapeutics Trading Down 2.3%

NASDAQ RAPP opened at $28.33 on Thursday. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93. The company has a 50 day moving average price of $41.76 and a 200 day moving average price of $39.15.

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

Insider Activity

In related news, CEO Abraham Ceesay sold 1,147 shares of Rapport Therapeutics stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $30.66, for a total transaction of $35,167.02. Following the completion of the sale, the chief executive officer owned 452,245 shares of the company's stock, valued at $13,865,831.70. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Cheryl Gault sold 10,000 shares of the company's 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 completion of the sale, the chief operating officer owned 139,914 shares in the company, valued at approximately $4,643,745.66. This represents a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 97,976 shares of company stock worth $4,420,349. Company insiders own 12.48% of the company's stock.

Institutional Trading of Rapport Therapeutics

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

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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