Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Down Following 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.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) gapped down before the market opened on Wednesday following insider selling activity. 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 the business's 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 transaction, the chief operating officer owned 171,928 shares in the company, valued at $6,590,000.24. The trade was a 2.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

RAPP has been the topic of several research reports. JMP Securities reissued a "market outperform" rating and set a $28.00 price objective on shares of Rapport Therapeutics in a research note on Tuesday, July 8th. HC Wainwright boosted their price objective on shares of Rapport Therapeutics from $31.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Finally, Wall Street Zen raised shares of Rapport Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $31.00.

Rapport Therapeutics Price Performance

The firm's 50 day moving average price is $16.09 and its 200-day moving average price is $12.38. The stock has a market cap of $902.65 million, a P/E ratio of -9.89 and a beta of 0.71.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG purchased a new position in shares of Rapport Therapeutics during the fourth quarter valued at approximately $41,000. Corebridge Financial Inc. raised its holdings in shares of Rapport Therapeutics by 79.1% during the first quarter. Corebridge Financial Inc. now owns 8,271 shares of the company's stock valued at $83,000 after purchasing an additional 3,653 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Rapport Therapeutics by 1,151.2% during the fourth quarter. California State Teachers Retirement System now owns 8,571 shares of the company's stock valued at $152,000 after purchasing an additional 7,886 shares during the last quarter. GAMMA Investing LLC raised 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 valued at $918,000 after purchasing an additional 9,198 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Rapport Therapeutics by 86.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock valued at $99,000 after purchasing an additional 4,582 shares during 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.