Johnson & Johnson Invests $74.36 Million in Rapport Therapeutics, Inc. $RAPP

Johnson & Johnson bought a new position in shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,784,517 shares of the company's stock, valued at approximately $74,360,823. Rapport Therapeutics accounts for 0.0% of Johnson & Johnson's holdings, making the stock its 4th largest position. Johnson & Johnson owned 3.73% of Rapport Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RAPP. KBC Group NV purchased a new stake in Rapport Therapeutics in the 1st quarter valued at approximately $30,000. Meeder Asset Management Inc. acquired a new position in Rapport Therapeutics in the fourth quarter worth about $37,000. Russell Investments Group Ltd. acquired a new position in shares of Rapport Therapeutics during the third quarter valued at $43,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Rapport Therapeutics by 64.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,316 shares of the company's stock valued at $70,000 after buying an additional 905 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Rapport Therapeutics by 86.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock worth $99,000 after purchasing an additional 4,582 shares during the period.

Insider Buying and Selling at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 18,921 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $49.57, for a total transaction of $937,913.97. Following the sale, the chief executive officer directly owned 467,187 shares of the company's stock, valued at $23,158,459.59. The trade was a 3.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 73,034 shares of company stock valued at $3,484,157 in the last ninety days. Insiders own 12.48% of the company's stock.

Rapport Therapeutics Stock Down 2.4%

Shares of RAPP stock traded down $1.21 during trading on Friday, reaching $49.62. 115,428 shares of the company's stock were exchanged, compared to its average volume of 342,401. Rapport Therapeutics, Inc. has a twelve month low of $14.11 and a twelve month high of $52.93. The stock has a market capitalization of $2.38 billion, a PE ratio of -16.32 and a beta of 0.97. The firm's fifty day moving average price is $43.17 and its 200-day moving average price is $36.79.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Citigroup restated a "market outperform" rating on shares of Rapport Therapeutics in a report on Tuesday, June 2nd. Wall Street Zen downgraded Rapport Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. UBS Group restated a "strong-buy" rating on shares of Rapport Therapeutics in a research note on Monday, August 17th. William Blair initiated coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They set an "outperform" rating on the stock. Finally, BTIG Research reiterated a "buy" rating and issued a $65.00 price objective on shares of Rapport Therapeutics in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $62.86.

Rapport Therapeutics Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.

Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.