Rapport Therapeutics (NASDAQ:RAPP) Sees Unusually-High Trading Volume on Insider Buying Activity

Key Points

• Insider buying boosted trading activity: Director James Healy purchased 969,480 shares for approximately $20.4 million, increasing his stake by 52.51%. Trading volume subsequently rose about 5% above the daily average.
• Analyst sentiment is broadly positive: Rapport has a consensus “Buy” rating and an average price target of $68.36, although ratings range from “Strong Buy” to “Sell.”
• The company remains an unprofitable clinical-stage biotech: Rapport recently reported an adjusted loss of $1.19 per share versus the expected $1.12 loss, while developing RAP-219 for neurological disorders including focal epilepsy.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) shares saw an uptick in trading volume on Monday following insider buying activity. Approximately 479,538 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 457,195 shares. The stock last traded at $25.3080 and had previously closed at $25.05.

Specifically, Director James Healy purchased 969,480 shares of Rapport Therapeutics stock in a transaction that occurred on Wednesday, October 28th. The shares were bought at an average price of $21.00 per share, for a total transaction of $20,359,080.00. Following the completion of the transaction, the director owned 2,815,707 shares of the company's stock, valued at approximately $59,129,847. This trade represents a 52.51% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RAPP shares. William Blair started coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They set an "outperform" rating for the company. Wolfe Research assumed coverage on shares of Rapport Therapeutics in a report on Thursday, October 15th. They issued an "outperform" rating and a $50.00 price target on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rapport Therapeutics in a research report on Thursday, October 15th. Citigroup reiterated an "outperform" rating on shares of Rapport Therapeutics in a report on Tuesday, October 20th. Finally, Wall Street Zen lowered Rapport Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $68.36.

Rapport Therapeutics Price Performance

The company has a market capitalization of $1.21 billion, a PE ratio of -8.31 and a beta of 1.41. The business's 50 day simple moving average is $36.70 and its 200 day simple moving average is $35.57.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.07). As a group, analysts anticipate that Rapport Therapeutics, Inc. will post -4.08 EPS for the current year.

Hedge Funds Weigh In On Rapport Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC purchased a new position in shares of Rapport Therapeutics during the second quarter worth about $9,327,000. Johnson & Johnson purchased a new position in shares of Rapport Therapeutics during the second quarter worth about $74,360,823. Legal & General Group Plc acquired a new position in Rapport Therapeutics in the 2nd quarter valued at about $940,000. Bank of America Corp DE purchased a new position in shares of Rapport Therapeutics in the 2nd quarter valued at approximately $3,170,000. Finally, Walleye Capital LLC purchased a new position in Rapport Therapeutics during the 2nd quarter worth $4,257,000.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company's approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport's lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.

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