Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Down After Insider Selling

Key Points

• Rapport Therapeutics (NASDAQ:RAPP) shares experienced a significant drop, opening at $24.09 after closing at $28.03 the previous day, with the latest trade at $23.51.
• Despite the share price decline, analysts maintain a generally positive outlook, with a majority rating of "Buy" and an average target price of $31.00.
• Insider David Bredt sold 8,500 shares of the company’s stock recently, contributing to broader insider activity that saw 25,500 shares sold over the last three months.

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $28.03, but opened at $24.09. Rapport Therapeutics shares last traded at $23.51, with a volume of 2,136,858 shares trading hands.

Specifically, 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 value of $191,650.00. Following the sale, the chief operating officer directly owned 171,928 shares in the company, valued at $6,590,000.24. This trade represents a 2.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. HC Wainwright lifted their price objective on shares of Rapport Therapeutics from $31.00 to $34.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Wall Street Zen raised shares of Rapport Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, JMP Securities reissued a "market outperform" rating and issued a $28.00 target price on shares of Rapport Therapeutics in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $31.00.

Rapport Therapeutics Stock Up 2.4%

The firm's 50-day moving average price is $16.09 and its two-hundred day moving average price is $12.36. The firm has a market capitalization of $867.19 million, a PE ratio of -9.50 and a beta of 0.73.

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, topping the consensus estimate of ($0.87) by $0.12. Equities research analysts forecast that Rapport Therapeutics, Inc. will post -3.65 EPS for the current year.

Institutional Trading of Rapport Therapeutics

Institutional investors have recently made changes to their positions in the stock. Nuveen LLC acquired a new stake in shares of Rapport Therapeutics during the first quarter worth approximately $219,000. XTX Topco Ltd acquired a new stake in shares of Rapport Therapeutics during the first quarter worth approximately $155,000. GAMMA Investing LLC boosted its holdings in shares of Rapport Therapeutics by 91,980.0% during the first quarter. GAMMA Investing LLC now owns 9,208 shares of the company's stock worth $918,000 after purchasing an additional 9,198 shares during the period. California State Teachers Retirement System lifted its stake in Rapport Therapeutics by 1,151.2% in the fourth quarter. California State Teachers Retirement System now owns 8,571 shares of the company's stock valued at $152,000 after acquiring an additional 7,886 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Rapport Therapeutics by 77.7% in the first 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 last quarter.

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.