Rapport Therapeutics (NASDAQ:RAPP) Trading Up 16% - Time to Buy?

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) shares were up 16% on Wednesday . The stock traded as high as $14.15 and last traded at $14.20. Approximately 166,558 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 179,185 shares. The stock had previously closed at $12.24.

Analyst Upgrades and Downgrades

RAPP has been the subject of a number of research analyst reports. JMP Securities initiated coverage on Rapport Therapeutics in a report on Tuesday, April 8th. They set a "market outperform" rating and a $28.00 price objective for the company. Citizens Jmp initiated coverage on Rapport Therapeutics in a report on Tuesday, April 8th. They set a "mkt outperform" rating for the company. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $32.67.

Rapport Therapeutics Stock Performance

The firm has a market capitalization of $450.02 million and a price-to-earnings ratio of -3.57. The business has a fifty day moving average price of $10.15 and a 200 day moving average price of $13.73.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.68) EPS for the quarter, topping analysts' consensus estimates of ($0.77) by $0.09. On average, analysts expect that Rapport Therapeutics will post -3.65 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Rapport Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company's stock valued at $144,000 after buying an additional 4,109 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Rapport Therapeutics in the 1st quarter valued at about $2,039,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rapport Therapeutics by 86.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock valued at $99,000 after buying an additional 4,582 shares during the last quarter. Corebridge Financial Inc. boosted its position in Rapport Therapeutics by 79.1% in the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company's stock valued at $83,000 after buying an additional 3,653 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in 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 buying an additional 5,153 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.