Rapport Therapeutics (NASDAQ:RAPP) Trading Down 7.8% - Should You Sell?

Key Points

• Rapport Therapeutics' stock dropped by 7.8%, closing at $16.26, with trading volume significantly lower than usual at 86,932 shares compared to an average of 190,189 shares.
• Analysts have a consensus rating of "Buy" for the stock, with target prices set at $28.00 from JMP Securities and $31.00 from HC Wainwright, averaging to a target of $29.50.
• Insider David Bredt sold 8,500 shares for $127,500, representing a decrease in ownership, while corporate insiders hold 13.57% of the stock.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report)'s share price was down 7.8% on Tuesday . The company traded as low as $16.60 and last traded at $16.26. Approximately 86,932 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 190,189 shares. The stock had previously closed at $17.63.

Analysts Set New Price Targets

Several research analysts have commented on the stock. HC Wainwright assumed coverage on shares of Rapport Therapeutics in a report on Wednesday, August 6th. They issued a "buy" rating and a $31.00 price target for the company. JMP Securities reiterated a "market outperform" rating and issued a $28.00 target price on shares of Rapport Therapeutics in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Rapport Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $29.50.

Rapport Therapeutics Stock Down 10.9%

The business's 50-day simple moving average is $14.41 and its 200-day simple moving average is $11.87. The stock has a market cap of $573.60 million, a PE ratio of -6.27 and a beta of 0.71.

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

Insiders Place Their Bets

In other Rapport Therapeutics news, insider David Bredt sold 8,500 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $15.00, for a total value of $127,500.00. Following the sale, the insider owned 426,642 shares in the company, valued at approximately $6,399,630. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 25,500 shares of company stock valued at $365,500 in the last 90 days. 13.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rapport Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. grew its holdings in Rapport Therapeutics by 4.1% in the second quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company's stock worth $13,129,000 after purchasing an additional 45,063 shares during the period. Geode Capital Management LLC grew its holdings in Rapport Therapeutics by 5.5% in the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company's stock worth $3,789,000 after purchasing an additional 17,496 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of Rapport Therapeutics in the first quarter worth approximately $2,039,000. Affinity Asset Advisors LLC bought a new position in shares of Rapport Therapeutics in the second quarter worth approximately $2,270,000. Finally, TD Asset Management Inc lifted its stake in shares of Rapport Therapeutics by 20.9% in the second quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock worth $2,238,000 after buying an additional 34,052 shares in 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.

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