Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Down - What's Next?

Key Points

• Rapport Therapeutics shares gapped down significantly from $16.37 to $15.53 before closing at $16.83, with a trading volume of 17,005 shares.
• Analysts have a consensus Buy rating for RAPP, with price targets ranging from $28.00 to $31.00, and a consensus target price of $29.50.
• Insider selling occurred as David Bredt sold 8,500 shares for $127,500, reducing his stake by 1.95%, while insiders collectively sold 25,500 shares over the last quarter.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $16.37, but opened at $15.53. Rapport Therapeutics shares last traded at $16.83, with a volume of 17,005 shares trading hands.

Analyst Ratings Changes

RAPP has been the topic of a number of research reports. HC Wainwright initiated coverage on Rapport Therapeutics in a research report on Wednesday, August 6th. They set a "buy" rating and a $31.00 price target on the stock. JMP Securities restated a "market outperform" rating and set a $28.00 price target on shares of Rapport Therapeutics in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $29.50.

Rapport Therapeutics Price Performance

The company has a market capitalization of $557.57 million, a P/E ratio of -6.18 and a beta of 0.73. The company has a 50 day moving average of $14.48 and a 200-day moving average of $11.90.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted 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. Research analysts predict that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rapport Therapeutics news, insider David Bredt sold 8,500 shares of Rapport Therapeutics stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $15.00, for a total transaction of $127,500.00. Following the sale, the insider directly owned 426,642 shares of the company's stock, valued at approximately $6,399,630. The trade was a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 25,500 shares of company stock worth $365,500. Insiders own 13.57% of the company's stock.

Institutional Trading of Rapport Therapeutics

Several large investors have recently bought and sold shares of the company. Alliancebernstein L.P. lifted its holdings in shares of Rapport Therapeutics by 4.1% during the second quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company's stock valued at $13,129,000 after purchasing an additional 45,063 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rapport Therapeutics by 5.5% during the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company's stock valued at $3,789,000 after purchasing an additional 17,496 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in shares of Rapport Therapeutics during the first quarter valued at approximately $2,039,000. Affinity Asset Advisors LLC purchased a new position in shares of Rapport Therapeutics during the second quarter valued at approximately $2,270,000. Finally, TD Asset Management Inc lifted its holdings in shares of Rapport Therapeutics by 20.9% during the second quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock valued at $2,238,000 after purchasing an additional 34,052 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.

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