Rapport Therapeutics, Inc. $RAPP Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Rapport Therapeutics, Inc. by 5.2%, now owning approximately 1,551,925 shares valued at $15.57 million after selling 85,006 shares in the first quarter.
• Multiple large investors are increasing their holdings, with JPMorgan Chase & Co. increasing its position by 77.8% during the fourth quarter.
• Rapport Therapeutics reported earnings of ($0.75) per share, exceeding analysts' expectations, and has a current average buy rating among analysts with a price target of $29.50.

T. Rowe Price Investment Management Inc. cut its stake in shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Free Report) by 5.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,551,925 shares of the company's stock after selling 85,006 shares during the period. T. Rowe Price Investment Management Inc. owned about 4.25% of Rapport Therapeutics worth $15,566,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Deutsche Bank AG acquired a new position in shares of Rapport Therapeutics during the 4th quarter worth about $41,000. Virtus ETF Advisers LLC acquired a new position in shares of Rapport Therapeutics during the fourth quarter valued at approximately $66,000. Wells Fargo & Company MN lifted its position in shares of Rapport Therapeutics by 38.9% in the fourth quarter. Wells Fargo & Company MN now owns 4,824 shares of the company's stock valued at $86,000 after acquiring an additional 1,352 shares in the last quarter. Catalyst Private Wealth LLC purchased a new position in shares of Rapport Therapeutics in the first quarter valued at approximately $100,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Rapport Therapeutics by 77.8% in the fourth quarter. JPMorgan Chase & Co. now owns 7,170 shares of the company's stock worth $127,000 after acquiring an additional 3,137 shares during the last quarter.

Insider Buying and Selling

In related news, insider David Bredt sold 8,500 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $15.00, for a total value of $127,500.00. Following the completion of the transaction, the insider directly owned 426,642 shares in the company, valued at approximately $6,399,630. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 25,500 shares of company stock valued at $365,500 in the last 90 days. Corporate insiders own 13.57% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on RAPP. HC Wainwright began coverage on Rapport Therapeutics in a research note on Wednesday, August 6th. They issued a "buy" rating and a $31.00 price objective for the company. JMP Securities reaffirmed a "market outperform" rating and set a $28.00 target price on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $29.50.

Rapport Therapeutics Stock Up 4.9%

Shares of RAPP traded up $0.83 during midday trading on Friday, reaching $17.63. The company had a trading volume of 387,001 shares, compared to its average volume of 183,237. Rapport Therapeutics, Inc. has a 1-year low of $6.43 and a 1-year high of $29.74. The firm has a 50 day simple moving average of $14.27 and a 200-day simple moving average of $11.88. The stock has a market cap of $643.50 million, a PE ratio of -7.05 and a beta of 0.62.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.87) by $0.12. As a group, sell-side analysts anticipate that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current fiscal year.

About Rapport Therapeutics

Rapport Therapeutics Inc is a clinical-stage biotechnology company. It focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders. Rapport Therapeutics Inc is based in BOSTON.