Rapport Therapeutics (NASDAQ:RAPP) Trading 9.1% Higher - Here's What Happened

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) shares shot up 9.1% during trading on Thursday . The company traded as high as $16.60 and last traded at $16.92. 65,250 shares were traded during trading, a decline of 66% from the average session volume of 191,177 shares. The stock had previously closed at $15.50.

Analyst Ratings Changes

A number of research firms have commented on RAPP. JMP Securities reaffirmed a "market outperform" rating and set a $28.00 target price on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Citizens Jmp began coverage on shares of Rapport Therapeutics in a report on Tuesday, April 8th. They set a "mkt outperform" rating for the company.

Rapport Therapeutics Price Performance

The business's 50-day moving average price is $12.37 and its two-hundred day moving average price is $11.85. The company has a market capitalization of $611.01 million and a P/E ratio of -4.85.

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

Insider Buying and Selling at Rapport Therapeutics

In other news, insider David Bredt sold 8,500 shares of Rapport Therapeutics stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $14.00, for a total transaction of $119,000.00. Following the transaction, the insider directly owned 435,142 shares of the company's stock, valued at $6,091,988. This trade represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in Rapport Therapeutics by 38.9% in the 4th 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 acquired a new position in Rapport Therapeutics in the 4th quarter worth $34,000. Deutsche Bank AG acquired a new position in Rapport Therapeutics in the 4th quarter worth $41,000. JPMorgan Chase & Co. boosted its stake in Rapport Therapeutics by 77.8% in the 4th quarter. JPMorgan Chase & Co. now owns 7,170 shares of the company's stock worth $127,000 after purchasing an additional 3,137 shares during the period. Finally, Corebridge Financial Inc. boosted its stake in Rapport Therapeutics by 79.1% in the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company's stock worth $83,000 after purchasing an additional 3,653 shares during the period.

Rapport Therapeutics Company Profile

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.