Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Up on 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 following insider buying activity. 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 Rapport Therapeutics stock in a transaction dated Thursday, September 11th. The stock was acquired at an average cost of $22.60 per share, with a total value of $79,100.00. Following the purchase, the director directly owned 9,500 shares in the company, valued at $214,700. This represents a 58.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

RAPP has been the subject of several research analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $28.00 target price on shares of Rapport Therapeutics in a research note on Tuesday, July 8th. HC Wainwright boosted their price target on Rapport Therapeutics from $31.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $31.00.

Rapport Therapeutics Stock Up 5.1%

The stock has a market capitalization of $890.20 million, a PE ratio of -9.70 and a beta of 0.73. The company has a 50-day moving average of $15.85 and a 200 day moving average of $12.28.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.12. As a group, equities analysts predict that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Institutional Trading of Rapport Therapeutics

Several large investors have recently added to or reduced their stakes in RAPP. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rapport Therapeutics in the 1st quarter valued at $2,039,000. Affinity Asset Advisors LLC purchased a new stake in Rapport Therapeutics in the 2nd quarter valued at $2,270,000. Alliancebernstein L.P. grew its holdings in Rapport Therapeutics by 4.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company's stock valued at $13,129,000 after buying an additional 45,063 shares in the last quarter. TD Asset Management Inc grew its holdings in Rapport Therapeutics by 20.9% in the 2nd quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock valued at $2,238,000 after buying an additional 34,052 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rapport Therapeutics in the 1st quarter valued at $219,000.

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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