Rapport Therapeutics (NASDAQ:RAPP) Sets New 12-Month High Following Analyst Upgrade

Key Points

• Rapport Therapeutics reached a new 52-week high after HC Wainwright raised its price target from $31.00 to $34.00, with the stock hitting $41.74 during trading.
• Two analysts currently rate Rapport Therapeutics with a Buy rating, aligning with a consensus target price of $31.00.
• In recent insider trading, David Bredt sold 8,500 shares at $15.00 each, resulting in a 1.95% decrease in his position, as insiders have collectively sold 25,500 shares valued at $365,500 in the last 90 days.

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $41.74 and last traded at $40.66, with a volume of 5954650 shares trading hands. The stock had previously closed at $14.36.

Several other analysts have also recently commented on the company. HC Wainwright raised their price target on Rapport Therapeutics from $31.00 to $34.00 and gave the company a "buy" rating in a report on Monday, September 8th. JMP Securities reissued a "market outperform" rating and issued a $28.00 price target on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $31.00.

Insider Activity

In other news, insider David Bredt sold 8,500 shares of the firm's stock in a transaction 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 owned 426,642 shares in the company, valued at $6,399,630. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Wendy B. Young purchased 3,500 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was purchased at an average price of $22.60 per share, with a total value of $79,100.00. Following the transaction, the director owned 9,500 shares of the company's stock, valued at approximately $214,700. This represents a 58.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 30,500 shares of company stock worth $557,150 over the last 90 days. 13.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RAPP. Alliancebernstein L.P. raised its holdings in shares of Rapport Therapeutics by 4.1% in the second quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company's stock worth $13,129,000 after acquiring an additional 45,063 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Rapport Therapeutics by 5.5% in the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company's stock worth $3,789,000 after acquiring an additional 17,496 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rapport Therapeutics in the first quarter worth $2,039,000. Affinity Asset Advisors LLC acquired a new position in shares of Rapport Therapeutics in the second quarter worth $2,270,000. Finally, TD Asset Management Inc raised its holdings in shares of Rapport Therapeutics by 20.9% in the second quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock worth $2,238,000 after acquiring an additional 34,052 shares during the last quarter.

Rapport Therapeutics Stock Up 2.4%

The company has a market capitalization of $867.19 million, a price-to-earnings ratio of -9.50 and a beta of 0.73. The stock has a fifty day moving average price of $16.09 and a two-hundred day moving average price of $12.36.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.75) earnings per share for the quarter, topping analysts' consensus estimates of ($0.87) by $0.12. As a group, research analysts forecast 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.