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

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)'s share price rose 6.6% during trading on Tuesday . The stock traded as high as $26.31 and last traded at $26.37. Approximately 676,594 shares were traded during trading, an increase of 99% from the average daily volume of 339,204 shares. The stock had previously closed at $24.73.

Analyst Ratings Changes

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

Rapport Therapeutics Stock Up 5.9%

The company has a 50 day moving average price of $16.34 and a 200-day moving average price of $12.49. The company has a market cap of $955.88 million, a P/E ratio of -10.48 and a beta of 0.71.

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

Insider Activity

In other news, Director Wendy B. Young bought 3,500 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were acquired at an average cost of $22.60 per share, with a total value of $79,100.00. Following the completion of the transaction, the director directly owned 9,500 shares in the company, valued at $214,700. This represents a 58.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Cheryl Gault sold 5,000 shares of the business's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $38.33, for a total transaction of $191,650.00. Following the completion of the sale, the chief operating officer directly owned 171,928 shares in the company, valued at $6,590,000.24. This trade represents a 2.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,500 shares of company stock valued at $557,150. 13.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in Rapport Therapeutics by 4.1% during the 2nd 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 last quarter. Geode Capital Management LLC raised its position in shares of Rapport Therapeutics by 5.5% during the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company's stock worth $3,789,000 after acquiring an additional 17,496 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in Rapport Therapeutics in the first quarter valued at $2,039,000. Affinity Asset Advisors LLC acquired a new stake in Rapport Therapeutics during the second quarter worth approximately $2,270,000. Finally, TD Asset Management Inc boosted its stake in Rapport Therapeutics by 20.9% during the second quarter. TD Asset Management Inc now owns 196,870 shares of the company's stock worth $2,238,000 after acquiring an additional 34,052 shares in the last quarter.

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.

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