Rapport Therapeutics (NASDAQ:RAPP) Upgraded at UBS Group

Key Points

• UBS Group upgraded Rapport Therapeutics to “strong buy,” adding to largely positive analyst coverage. The stock has an average “Buy” rating and a consensus price target of $63.60, despite one “Sell” rating.
• Rapport shares fell $2 to $27.57 in Wednesday trading, well below the $39.08 two-hundred-day moving average and its 52-week high of $52.93. The company recently reported a quarterly loss of $1.19 per share, missing estimates by $0.07.
• Institutional investors, including TRV GP, ARCH Venture Management, BlackRock and Johnson & Johnson, recently established sizable positions, while insiders have sold nearly 98,000 shares worth $4.42 million over the past 90 days.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) was upgraded by UBS Group to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks reports.

RAPP has been the subject of a number of other research reports. Wolfe Research began coverage on Rapport Therapeutics in a research report on Thursday. They set an "outperform" rating and a $50.00 price target for the company. Leerink Partners assumed coverage on Rapport Therapeutics in a report on Wednesday, June 24th. They issued an "outperform" rating and a $52.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Rapport Therapeutics in a report on Thursday. Raymond James Financial restated a "strong-buy" rating on shares of Rapport Therapeutics in a research note on Tuesday, September 22nd. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Rapport Therapeutics in a report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $63.60.

Rapport Therapeutics Price Performance

Rapport Therapeutics stock traded down $2.00 during mid-day trading on Wednesday, reaching $27.57. 412,062 shares of the company traded hands, compared to its average volume of 474,827. Rapport Therapeutics has a fifty-two week low of $23.75 and a fifty-two week high of $52.93. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -9.07 and a beta of 1.22. The firm's fifty day moving average is $41.07 and its two-hundred day moving average is $39.08.

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

Insider Buying and Selling at Rapport Therapeutics

In other Rapport Therapeutics news, COO Cheryl Gault sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $33.19, for a total value of $331,900.00. Following the completion of the transaction, the chief operating officer directly owned 139,914 shares of the company's stock, valued at approximately $4,643,745.66. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Abraham Ceesay sold 1,147 shares of the company's stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $30.66, for a total value of $35,167.02. Following the completion of the sale, the chief executive officer owned 452,245 shares in the company, valued at approximately $13,865,831.70. This represents a 0.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 97,976 shares of company stock worth $4,420,349. 12.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rapport Therapeutics

Institutional investors have recently made changes to their positions in the company. TRV GP V LLC purchased a new stake in Rapport Therapeutics during the second quarter worth $261,709,477. ARCH Venture Management LLC purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter worth about $155,376,512. BlackRock Inc. purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter worth about $112,500,000. Johnson & Johnson purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter worth about $74,360,823. Finally, TRV GP VI LLC acquired a new stake in shares of Rapport Therapeutics during the 2nd quarter valued at about $40,387,314.

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.

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