Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Up After Insider Buying Activity

Key Points

• Rapport Therapeutics' stock price increased from $23.20 to $24.25 following significant insider buying activity by Director Wendy B. Young, who purchased 3,500 shares at $22.60 each.
• The stock has received positive ratings from analysts, with JMP Securities setting a target price of $28.00 and HC Wainwright raising their target to $34.00.
• Rapport Therapeutics reported a quarterly earnings per share of ($0.75), exceeding expectations, and analysts project a total EPS of ($3.65) for the current fiscal year.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report)'s stock price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $23.20, but opened at $24.25. Rapport Therapeutics shares last traded at $24.65, with a volume of 262,524 shares traded.

Specifically, Director Wendy B. Young bought 3,500 shares of the business's stock in a transaction on Thursday, September 11th. The stock was acquired at an average price of $22.60 per share, for a total transaction of $79,100.00. Following the purchase, the director directly owned 9,500 shares in the company, valued at $214,700. This trade represents a 58.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

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

Rapport Therapeutics Stock Up 1.3%

The company has a market capitalization of $968.71 million, a P/E ratio of -10.65 and a beta of 0.73. The business has a 50 day moving average of $16.61 and a 200 day moving average of $12.58.

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

Institutional Investors Weigh In On Rapport Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Deutsche Bank AG bought a new stake in Rapport Therapeutics during the 4th quarter valued at $41,000. Corebridge Financial Inc. raised its position in Rapport Therapeutics by 79.1% during the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $99,000 after purchasing an additional 4,582 shares in the last quarter. Catalyst Private Wealth LLC bought a new stake in Rapport Therapeutics during the 1st quarter valued at $100,000. Finally, MetLife Investment Management LLC increased its holdings in shares of Rapport Therapeutics by 90.2% in the 1st quarter. MetLife Investment Management LLC now owns 10,863 shares of the company's stock valued at $109,000 after acquiring an additional 5,153 shares during the period.

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.