Bank of America Corp DE Acquires 76,076 Shares of Rapport Therapeutics, Inc. $RAPP

Key Points

• Bank of America acquired 76,076 shares of Rapport Therapeutics during the second quarter, worth approximately $3.17 million and representing a 0.16% stake.
• Several other institutions also initiated or increased positions, including Johnson & Johnson’s approximately $74.4 million investment and Dimensional Fund Advisors’ 168.9% stake increase.
• Analysts maintain a consensus “Buy” rating with an average price target of $66.25, although Rapport recently reported a quarterly loss of $1.19 per share, missing estimates.

Bank of America Corp DE acquired a new position in Rapport Therapeutics, Inc. (NASDAQ:RAPP - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 76,076 shares of the company's stock, valued at approximately $3,170,000. Bank of America Corp DE owned 0.16% of Rapport Therapeutics at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Algert Global LLC acquired a new stake in Rapport Therapeutics during the second quarter worth about $9,327,000. Johnson & Johnson acquired a new position in Rapport Therapeutics in the second quarter valued at approximately $74,360,823. Walleye Capital LLC purchased a new stake in Rapport Therapeutics in the 2nd quarter worth approximately $4,257,000. Legal & General Group Plc purchased a new stake in Rapport Therapeutics in the 2nd quarter worth approximately $940,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Rapport Therapeutics by 168.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 224,498 shares of the company's stock worth $7,025,000 after purchasing an additional 141,011 shares during the period.

Rapport Therapeutics Price Performance

Shares of NASDAQ:RAPP opened at $33.02 on Wednesday. Rapport Therapeutics, Inc. has a 1 year low of $23.75 and a 1 year high of $52.93. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -10.86 and a beta of 1.02. The business's 50 day moving average price is $44.10 and its 200-day moving average price is $38.91.

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 the consensus estimate of ($1.12) by ($0.07). On average, sell-side analysts expect that Rapport Therapeutics, Inc. will post -4.09 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RAPP shares. HC Wainwright lifted their target price on shares of Rapport Therapeutics from $40.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. UBS Group set a $80.00 price target on shares of Rapport Therapeutics in a report on Wednesday, September 23rd. Leerink Partners initiated coverage on shares of Rapport Therapeutics in a research report on Wednesday, June 24th. They set an "outperform" rating and a $52.00 price target on the stock. William Blair began coverage on shares of Rapport Therapeutics in a report on Tuesday, July 28th. They issued an "outperform" rating for the company. Finally, Citigroup reiterated a "market outperform" rating on shares of Rapport Therapeutics in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Rapport Therapeutics has a consensus rating of "Buy" and an average target price of $66.25.

Insider Transactions at Rapport Therapeutics

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 2,210 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $39.17, for a total transaction of $86,565.70. Following the completion of the sale, the chief executive officer directly owned 456,767 shares in the company, valued at approximately $17,891,563.39. The trade was a 0.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 83,454 shares of company stock valued at $3,945,181. Insiders own 12.48% of the company's stock.

About Rapport Therapeutics

Rapport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for disorders of the central nervous system. The company's research centers on receptor-associated proteins, which help regulate neurotransmitter receptors and may provide opportunities to develop more selective therapies than those that target receptors broadly.

Rapport's lead development program, RAP-219, is an orally administered investigational therapy designed to modulate AMPA receptors through their associated proteins.

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