Rapt Therapeutics (NASDAQ:RAPT) Raised to Outperform at Leerink Partners

Key Points

• Rapt Therapeutics was upgraded by Leerink Partners from a "market perform" to an "outperform" rating, with a new target price of $37.00, indicating a potential upside of 51.33%.
• Other firms have given mixed ratings, with HC Wainwright setting a buy rating at $27.00 and Zacks Research downgrading the stock to a "hold." Overall, there is a consensus average rating of "Moderate Buy" with a price target of $23.50.
• Rapt Therapeutics recently reported a quarterly EPS of ($0.65), missing analysts' expectations, and analysts forecast a full-year EPS of ($2.14).

Rapt Therapeutics (NASDAQ:RAPT - Get Free Report) was upgraded by stock analysts at Leerink Partners from a "market perform" rating to an "outperform" rating in a research note issued on Friday, MarketBeat reports. The firm currently has a $37.00 target price on the stock, up from their previous target price of $16.00. Leerink Partners' price objective would indicate a potential upside of 51.33% from the stock's current price.

A number of other research firms have also weighed in on RAPT. HC Wainwright upped their target price on shares of Rapt Therapeutics to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Zacks Research lowered shares of Rapt Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 22nd. JPMorgan Chase & Co. upgraded shares of Rapt Therapeutics from an "underweight" rating to a "neutral" rating and set a $14.00 target price on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company restated an "overweight" rating and set a $38.00 target price (down from $51.00) on shares of Rapt Therapeutics in a research note on Friday, August 8th. Finally, Lifesci Capital upgraded shares of Rapt Therapeutics to a "strong-buy" rating and set a $31.00 target price on the stock in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Rapt Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $23.50.

Rapt Therapeutics Price Performance

Shares of NASDAQ:RAPT opened at $24.45 on Friday. The firm has a market capitalization of $404.40 million, a PE ratio of -1.73 and a beta of -0.10. The firm's 50-day moving average is $13.30 and its two-hundred day moving average is $9.94. Rapt Therapeutics has a 1 year low of $5.67 and a 1 year high of $26.56.

Rapt Therapeutics (NASDAQ:RAPT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.04). Analysts expect that Rapt Therapeutics will post -2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Rapt Therapeutics

Large investors have recently modified their holdings of the company. Comerica Bank boosted its holdings in shares of Rapt Therapeutics by 53.9% in the first quarter. Comerica Bank now owns 89,327 shares of the company's stock valued at $109,000 after acquiring an additional 31,287 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Rapt Therapeutics by 50.5% in the fourth quarter. Nuveen Asset Management LLC now owns 116,925 shares of the company's stock valued at $185,000 after acquiring an additional 39,216 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Rapt Therapeutics in the first quarter valued at approximately $188,000. Invesco Ltd. boosted its holdings in shares of Rapt Therapeutics by 411.7% in the first quarter. Invesco Ltd. now owns 58,901 shares of the company's stock valued at $72,000 after acquiring an additional 47,391 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Rapt Therapeutics in the first quarter valued at approximately $143,000. 99.09% of the stock is owned by institutional investors and hedge funds.

Rapt Therapeutics Company Profile

RAPT Therapeutics, Inc, a clinical-stage immunology-based biopharmaceutical company, focuses on discovery, development, and commercialization of oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases in the United States. The company's lead inflammation drug candidate is zelnecirnon (RPT193), a C-C motif chemokine receptor 4 (CCR4) antagonist that selectively inhibit the migration of type 2 T helper cells into inflamed tissues.

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