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

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

Analyst Ratings Changes

Several analysts have recently commented on the company. JMP Securities reissued a "market outperform" rating and issued a $28.00 price target on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Citizens Jmp assumed coverage on Rapport Therapeutics in a report on Tuesday, April 8th. They set a "mkt outperform" rating for the company.

Rapport Therapeutics Stock Up 5.8%

The firm has a fifty day moving average of $11.50 and a 200-day moving average of $12.04. The stock has a market capitalization of $555.50 million and a price-to-earnings ratio of -4.41.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.09. As a group, research analysts forecast that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Insider Buying and Selling at Rapport Therapeutics

In other news, insider David Bredt sold 8,500 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $14.00, for a total value of $119,000.00. Following the completion of the transaction, the insider directly owned 435,142 shares of the company's stock, valued at $6,091,988. The trade was a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors have recently made changes to their positions in RAPP. Swiss National Bank acquired a new position in shares of Rapport Therapeutics in the fourth quarter worth $319,000. KLP Kapitalforvaltning AS purchased a new position in Rapport Therapeutics during the fourth quarter worth about $34,000. JPMorgan Chase & Co. lifted its position in Rapport Therapeutics by 77.8% during the fourth quarter. JPMorgan Chase & Co. now owns 7,170 shares of the company's stock worth $127,000 after buying an additional 3,137 shares during the period. Norges Bank purchased a new position in Rapport Therapeutics during the fourth quarter worth about $860,000. Finally, Alliancebernstein L.P. lifted its position in Rapport Therapeutics by 0.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,098,415 shares of the company's stock worth $19,486,000 after buying an additional 9,494 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.