Rapport Therapeutics (NASDAQ:RAPP) Stock Price Up 5.3% - Here's Why

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) shares shot up 5.3% on Wednesday . The stock traded as high as $14.99 and last traded at $15.15. 3,749 shares were traded during trading, a decline of 98% from the average session volume of 191,870 shares. The stock had previously closed at $14.38.

Wall Street Analysts Forecast Growth

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

Rapport Therapeutics Stock Performance

The firm's 50 day moving average price is $11.68 and its two-hundred day moving average price is $11.96. The firm has a market cap of $535.82 million and a PE ratio of -4.26.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted its quarterly earnings data 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. On average, analysts forecast that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Rapport Therapeutics

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Rapport Therapeutics by 40.1% during the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company's stock worth $144,000 after purchasing an additional 4,109 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Rapport Therapeutics during the 1st quarter worth $2,039,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Rapport Therapeutics by 86.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock worth $99,000 after purchasing an additional 4,582 shares during the last quarter. Corebridge Financial Inc. lifted its position in shares of Rapport Therapeutics by 79.1% during 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 last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Rapport Therapeutics by 90.2% during the 1st quarter. MetLife Investment Management LLC now owns 10,863 shares of the company's stock worth $109,000 after purchasing 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.