Renaissance Technologies LLC Sells 109,114 Shares of Rapport Therapeutics, Inc. $RAPP

Key Points

• Renaissance Technologies cut its Rapport Therapeutics stake by 91.8%, selling 109,114 shares and retaining 9,700 shares valued at approximately $304,000.
• Insiders have sold 72,281 shares worth about $3.27 million over the past 90 days, including sales by CEO Abraham Ceesay and major shareholder Rock Ventures V. L.P. Third.
• Wall Street remains broadly positive, with an average “Buy” rating and a $62.86 price target, although Rapport recently missed quarterly earnings expectations and reported a loss of $1.19 per share.

Renaissance Technologies LLC cut its holdings in shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Free Report) by 91.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,700 shares of the company's stock after selling 109,114 shares during the quarter. Renaissance Technologies LLC's holdings in Rapport Therapeutics were worth $304,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Rapport Therapeutics by 86.4% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Rapport Therapeutics in the 1st quarter worth approximately $2,039,000. Rhumbline Advisers boosted its holdings in Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company's stock worth $144,000 after buying an additional 4,109 shares during the period. Geode Capital Management LLC grew its stake in Rapport Therapeutics by 5.5% in the 2nd quarter. Geode Capital Management LLC now owns 333,159 shares of the company's stock valued at $3,789,000 after buying an additional 17,496 shares in the last quarter. Finally, Creative Planning bought a new stake in Rapport Therapeutics during the 2nd quarter valued at $121,000.

Insider Activity

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 28,958 shares of the company's 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 transaction, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $40.05, for a total value of $743,808.60. Following the completion of the sale, the insider directly owned 6,280,525 shares in the company, valued at approximately $251,535,026.25. The trade was a 0.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 72,281 shares of company stock valued at $3,269,892. 12.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. UBS Group reaffirmed a "strong-buy" rating on shares of Rapport Therapeutics in a report on Monday. Wall Street Zen lowered Rapport Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Leerink Partners began coverage on Rapport Therapeutics in a report on Wednesday, June 24th. They set an "outperform" rating and a $52.00 price objective on the stock. HC Wainwright raised their target price on Rapport Therapeutics from $40.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Finally, William Blair started coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They set an "outperform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $62.86.

Rapport Therapeutics Price Performance

Shares of NASDAQ:RAPP opened at $49.01 on Wednesday. The firm has a fifty day moving average price of $41.39 and a two-hundred day moving average price of $35.65. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -16.12 and a beta of 0.97. Rapport Therapeutics, Inc. has a one year low of $13.86 and a one year high of $49.50.

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 for the quarter, missing the consensus estimate of ($1.12) by ($0.07). Equities research analysts expect that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

About Rapport Therapeutics

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.

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