Rapport Therapeutics (NASDAQ:RAPP) Shares Down 7.3% - Here's What Happened

Key Points

• Rapport Therapeutics' shares fell 7.3% to $26.58, marking a significant decline in trading volume, down 78% from the average.
• Several analysts have updated their price targets for the stock, with HC Wainwright raising their target from $31.00 to $34.00, while Truist Financial set a new target at $44.00.
• Insider activity showed that Director Wendy B. Young acquired 3,500 shares, increasing her stake significantly, while COO Cheryl Gault sold 5,000 shares at a higher price.

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) dropped 7.3% on Thursday . The stock traded as low as $27.15 and last traded at $26.58. Approximately 78,946 shares traded hands during trading, a decline of 78% from the average daily volume of 366,062 shares. The stock had previously closed at $28.67.

Analysts Set New Price Targets

RAPP has been the topic of several recent analyst reports. HC Wainwright lifted their target price on Rapport Therapeutics from $31.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, September 8th. Wall Street Zen upgraded Rapport Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. JMP Securities reiterated a "market outperform" rating and set a $28.00 target price on shares of Rapport Therapeutics in a report on Tuesday, July 8th. The Goldman Sachs Group raised Rapport Therapeutics to a "strong-buy" rating in a research report on Friday, September 12th. Finally, Truist Financial initiated coverage on Rapport Therapeutics in a report on Tuesday, September 16th. They set a "buy" rating and a $44.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to MarketBeat, Rapport Therapeutics has a consensus rating of "Buy" and a consensus price target of $35.33.

Rapport Therapeutics Price Performance

The firm has a market cap of $1.01 billion, a P/E ratio of -11.05 and a beta of 1.64. The business's 50-day moving average is $19.31 and its two-hundred day moving average is $13.91.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts' consensus estimates of ($0.87) by $0.12. Equities research analysts predict that Rapport Therapeutics, Inc. will post -3.65 EPS for the current year.

Insider Activity

In other news, Director Wendy B. Young acquired 3,500 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was bought at an average price of $22.60 per share, with a total value of $79,100.00. Following the transaction, the director directly owned 9,500 shares in the company, valued at approximately $214,700. The trade was a 58.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Cheryl Gault sold 5,000 shares of Rapport Therapeutics stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $38.33, for a total transaction of $191,650.00. Following the completion of the transaction, the chief operating officer directly owned 171,928 shares of the company's stock, valued at approximately $6,590,000.24. This trade represents a 2.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,920 shares of company stock worth $2,568,524. Insiders own 13.57% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG bought a new stake in shares of Rapport Therapeutics during the 4th quarter worth about $41,000. Acuta Capital Partners LLC boosted its holdings in shares of Rapport Therapeutics by 22.0% during the 2nd quarter. Acuta Capital Partners LLC now owns 20,000 shares of the company's stock worth $227,000 after buying an additional 3,600 shares during the period. Corebridge Financial Inc. boosted its holdings in shares of Rapport Therapeutics by 79.1% during the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company's stock worth $83,000 after buying an additional 3,653 shares during the period. Rhumbline Advisers raised its stake in Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company's stock worth $144,000 after purchasing an additional 4,109 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Rapport Therapeutics by 86.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock worth $99,000 after purchasing an additional 4,582 shares in the last quarter.

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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