Rapport Therapeutics (NASDAQ:RAPP) Trading Up 6.6% - Here's Why

Key Points

• Rapport Therapeutics' stock price increased by 6.6% during trading, reaching a high of $26.31 and a last trade at $26.37, with a trading volume significantly higher than average.
• Analysts are optimistic about Rapport Therapeutics, with a consensus target price of $35.33 and multiple ratings upgrades, including a "buy" from Truist Financial and a "strong-buy" from Goldman Sachs.
• Insider trading activity includes a purchase of 3,500 shares by Director Wendy B. Young and a sale of 5,000 shares by COO Cheryl Gault, indicating significant movements in ownership by company leadership.

Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) shares shot up 6.6% on Tuesday . The company traded as high as $26.31 and last traded at $26.37. 676,594 shares were traded during mid-day trading, an increase of 99% from the average session volume of 339,204 shares. The stock had previously closed at $24.73.

Analyst Upgrades and Downgrades

RAPP has been the topic of several recent research reports. Wall Street Zen upgraded Rapport Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. HC Wainwright increased their price objective on Rapport Therapeutics from $31.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. Truist Financial started coverage on Rapport Therapeutics in a report on Tuesday. They set a "buy" rating and a $44.00 target price on the stock. JMP Securities reissued a "market outperform" rating and set a $28.00 target price on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group raised Rapport Therapeutics to a "strong-buy" rating in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $35.33.

Rapport Therapeutics Price Performance

The company has a market capitalization of $962.14 million, a P/E ratio of -10.54 and a beta of 0.73. The stock has a 50-day moving average price of $17.33 and a 200-day moving average price of $12.95.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.75) earnings per share for the quarter, topping analysts' consensus estimates of ($0.87) by $0.12. Sell-side analysts anticipate that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rapport Therapeutics news, COO Cheryl Gault sold 5,000 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $38.33, for a total value of $191,650.00. Following the sale, the chief operating officer directly owned 171,928 shares in the company, valued at $6,590,000.24. The trade was a 2.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Wendy B. Young acquired 3,500 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were bought at an average cost of $22.60 per share, for a total transaction of $79,100.00. Following the acquisition, the director directly owned 9,500 shares in the company, valued at $214,700. This represents a 58.33% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 106,920 shares of company stock worth $2,568,524 in the last ninety days. Company insiders own 13.57% of the company's stock.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its stake in Rapport Therapeutics by 4.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company's stock worth $13,129,000 after acquiring an additional 45,063 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rapport Therapeutics by 5.5% in the 2nd 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in shares of Rapport Therapeutics in the 1st quarter worth about $2,039,000. Affinity Asset Advisors LLC purchased a new stake in Rapport Therapeutics during the 2nd quarter valued at about $2,270,000. Finally, TD Asset Management Inc boosted its holdings in Rapport Therapeutics by 20.9% during the 2nd quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock valued at $2,238,000 after acquiring an additional 34,052 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.