Rapport Therapeutics (NASDAQ:RAPP) Shares Up 7.8% - Here's What Happened

Key Points

• Rapport Therapeutics shares rose 7.8% to $24.26 in Thursday trading, although volume was about 49% below its average.
• Analyst sentiment remains favorable, with a consensus “Buy” rating and an average price target of $68.36; recent targets range as high as $89.
• The company reported a quarterly loss of $1.19 per share, missing expectations by $0.07. Directors recently bought shares, while insiders overall have reported more selling than buying over the past 90 days.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) rose 7.8% on Thursday. The stock traded as high as $23.65 and last traded at $24.26. 223,703 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 440,998 shares. The stock had previously closed at $22.50.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. UBS Group initiated coverage on shares of Rapport Therapeutics in a report on Thursday, October 15th. They set a "buy" rating and a $71.00 price objective on the stock. TD Cowen reaffirmed a "buy" rating on shares of Rapport Therapeutics in a report on Tuesday, October 20th. William Blair began coverage on shares of Rapport Therapeutics in a report on Tuesday, July 28th. They issued an "outperform" rating on the stock. JonesTrading upped their price objective on Rapport Therapeutics from $50.00 to $82.00 and gave the stock a "buy" rating in a research report on Wednesday, October 21st. Finally, BTIG Research boosted their target price on shares of Rapport Therapeutics from $75.00 to $89.00 and gave the stock a "buy" rating in a research note on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $68.36.

Rapport Therapeutics Stock Up 9.2%

The stock has a market capitalization of $1.18 billion, a PE ratio of -8.10 and a beta of 1.22. The firm's fifty day moving average is $37.66 and its 200-day moving average is $35.61.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted 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, analysts expect that Rapport Therapeutics, Inc. will post -4.08 EPS for the current year.

Insider Buying and Selling

In other Rapport Therapeutics news, Director Ramiro Sanchez acquired 3,600 shares of the company's stock in a transaction dated Friday, October 23rd. The stock was acquired at an average cost of $27.35 per share, with a total value of $98,460.00. Following the purchase, the director directly owned 3,600 shares in the company, valued at approximately $98,460. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director John Maraganore acquired 9,411 shares of the stock in a transaction dated Thursday, October 22nd. The stock was acquired at an average cost of $26.45 per share, with a total value of $248,920.95. Following the transaction, the director owned 9,411 shares of the company's stock, valued at approximately $248,920.95. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 61,694 shares of company stock valued at $1,664,818 and have sold 97,976 shares valued at $4,391,729. 12.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Institutional investors have recently modified their holdings of the stock. AlphaCentric Advisors LLC lifted its stake in Rapport Therapeutics by 6.8% during the first quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company's stock valued at $201,000 after purchasing an additional 408 shares during the last quarter. Sterling Capital Management LLC grew its stake in Rapport Therapeutics by 597.9% during the 3rd quarter. Sterling Capital Management LLC now owns 984 shares of the company's stock valued at $33,000 after acquiring an additional 843 shares in the last quarter. KBC Group NV acquired a new position in shares of Rapport Therapeutics in the 1st quarter valued at about $30,000. State of Wyoming acquired a new stake in shares of Rapport Therapeutics during the second quarter worth approximately $65,000. Finally, Swiss National Bank raised its holdings in shares of Rapport Therapeutics by 3.5% during the first quarter. Swiss National Bank now owns 56,500 shares of the company's stock worth $1,768,000 after acquiring an additional 1,900 shares in the last quarter.

About Rapport Therapeutics

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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