Rapport Therapeutics (NASDAQ:RAPP) Hits New 52-Week 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 during trading on Monday after HC Wainwright raised their price target on the stock from $31.00 to $34.00. HC Wainwright currently has a buy rating on the stock. Rapport Therapeutics traded as high as $41.74 and last traded at $40.66, with a volume of 5954650 shares. The stock had previously closed at $14.36.

Separately, JMP Securities reissued a "market outperform" rating and issued a $28.00 price objective on shares of Rapport Therapeutics in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $31.00.

Insiders Place Their Bets

In related news, insider David Bredt sold 8,500 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $15.00, for a total value of $127,500.00. Following the transaction, the insider owned 426,642 shares in the company, valued at approximately $6,399,630. This represents a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 25,500 shares of company stock valued at $365,500. 13.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Rapport Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RAPP. XTX Topco Ltd acquired a new stake in Rapport Therapeutics in the 1st quarter valued at $155,000. GAMMA Investing LLC raised its holdings in shares of Rapport Therapeutics by 91,980.0% during the 1st quarter. GAMMA Investing LLC now owns 9,208 shares of the company's stock worth $918,000 after acquiring an additional 9,198 shares during the period. California State Teachers Retirement System raised its holdings in shares of Rapport Therapeutics by 1,151.2% during the 4th quarter. California State Teachers Retirement System now owns 8,571 shares of the company's stock worth $152,000 after acquiring an additional 7,886 shares during the period. Barclays PLC raised its holdings in Rapport Therapeutics by 43.8% in the 4th quarter. Barclays PLC now owns 18,497 shares of the company's stock valued at $328,000 after buying an additional 5,634 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Rapport Therapeutics by 77.7% in the 1st quarter. Bank of New York Mellon Corp now owns 35,482 shares of the company's stock valued at $356,000 after acquiring an additional 15,514 shares during the period.

Rapport Therapeutics Price Performance

The company has a market capitalization of $1.48 billion, a PE ratio of -16.27 and a beta of 0.71. The stock's 50 day simple moving average is $14.68 and its 200-day simple moving average is $11.90.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.12. On average, equities analysts predict that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current year.

Rapport Therapeutics Company Profile

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.

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