Rapport Therapeutics (NASDAQ:RAPP) Sees Large Increase in Short Interest

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 2,800,000 shares, a growth of 21.2% from the March 15th total of 2,310,000 shares. Currently, 16.1% of the shares of the stock are short sold. Based on an average trading volume of 219,400 shares, the short-interest ratio is presently 12.8 days.

Insider Activity

In other news, Director Wendy B. Young bought 6,000 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $10.21 per share, for a total transaction of $61,260.00. Following the completion of the transaction, the director now owns 6,000 shares of the company's stock, valued at $61,260. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Troy A. Ignelzi purchased 9,900 shares of Rapport Therapeutics stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $10.10 per share, for a total transaction of $99,990.00. Following the completion of the acquisition, the chief financial officer now owns 9,900 shares of the company's stock, valued at approximately $99,990. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RAPP. Wells Fargo & Company MN grew its stake in Rapport Therapeutics by 38.9% during the fourth quarter. Wells Fargo & Company MN now owns 4,824 shares of the company's stock worth $86,000 after purchasing an additional 1,352 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Rapport Therapeutics during the 4th quarter worth approximately $34,000. Deutsche Bank AG acquired a new stake in shares of Rapport Therapeutics during the 4th quarter worth approximately $41,000. JPMorgan Chase & Co. increased its stake in shares of Rapport Therapeutics by 77.8% in the 4th quarter. JPMorgan Chase & Co. now owns 7,170 shares of the company's stock valued at $127,000 after acquiring an additional 3,137 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Rapport Therapeutics by 36.8% during the 3rd quarter. Barclays PLC now owns 12,863 shares of the company's stock valued at $264,000 after acquiring an additional 3,463 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RAPP. JMP Securities started coverage on Rapport Therapeutics in a report on Tuesday, April 8th. They issued a "market outperform" rating and a $28.00 price objective for the company. Citizens Jmp began coverage on Rapport Therapeutics in a research report on Tuesday, April 8th. They set a "mkt outperform" rating for the company. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $32.67.

Rapport Therapeutics Trading Down 4.8 %

RAPP stock traded down $0.53 during midday trading on Friday, hitting $10.57. The stock had a trading volume of 35,534 shares, compared to its average volume of 177,074. The firm has a market cap of $385.76 million and a P/E ratio of -0.77. The business has a fifty day moving average price of $10.11 and a two-hundred day moving average price of $16.52. Rapport Therapeutics has a 1-year low of $6.43 and a 1-year high of $29.74.

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.