Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Down - Time to Sell?

Key Points

• Rapport Therapeutics shares gapped down at the market opening, dropping from a previous close of $29.70 to an opening price of $28.59, currently trading at $30.21.
• Several analysts have recently revised their ratings on the stock, with Goldman Sachs upgrading it to a "strong-buy" and setting a target price of $44.00.
• Insider activity includes a significant sale of shares by David Bredt and a purchase by director Wendy B. Young, indicating mixed sentiment from company insiders.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $29.70, but opened at $28.59. Rapport Therapeutics shares last traded at $30.21, with a volume of 45,199 shares.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Rapport Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. JMP Securities reiterated a "market outperform" rating and issued a $28.00 price objective on shares of Rapport Therapeutics in a report on Tuesday, July 8th. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a "strong-buy" rating in a report on Friday, September 12th. Truist Financial began coverage on shares of Rapport Therapeutics in a report on Tuesday, September 16th. They set a "buy" rating and a $44.00 target price on the stock. Finally, HC Wainwright upped their price objective on shares of Rapport Therapeutics from $31.00 to $34.00 and gave the company a "buy" rating in a report on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $35.33.

Rapport Therapeutics Price Performance

The company's 50-day moving average is $19.04 and its two-hundred day moving average is $13.81. The firm has a market cap of $1.09 billion, a P/E ratio of -11.90 and a beta of 0.73.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted its quarterly earnings data 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. On average, analysts expect that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Insider Activity at Rapport Therapeutics

In related news, insider David Bredt sold 8,500 shares of the firm's 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wendy B. Young acquired 3,500 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average price of $22.60 per share, with a total value of $79,100.00. Following the acquisition, the director owned 9,500 shares in the company, valued at $214,700. The trade was a 58.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 106,920 shares of company stock worth $2,568,524 over the last three months. 13.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG bought a new position in Rapport Therapeutics during the 4th quarter worth approximately $41,000. Corebridge Financial Inc. raised its holdings in 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 purchasing an additional 3,653 shares during the last quarter. California State Teachers Retirement System raised its holdings in 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 purchasing an additional 7,886 shares during the last quarter. GAMMA Investing LLC raised its holdings in 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 purchasing an additional 9,198 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rapport Therapeutics by 86.4% during 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 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.

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