Rapt Therapeutics (NASDAQ:RAPT) Sets New 52-Week High on Analyst Upgrade

Key Points

• Rapt Therapeutics' stock reached a new 52-week high after an upgrade by JPMorgan Chase from a neutral to an overweight rating, with a new price target of $55.00.
• Despite the bullish upgrade, Zacks Research recently downgraded the stock from "strong-buy" to "hold", suggesting a mixed outlook among analysts.
• Strong interest from institutional investors is noted, with Invesco increasing its holdings by 411.7% during the first quarter, highlighting growing institutional confidence in Rapt Therapeutics.

Rapt Therapeutics (NASDAQ:RAPT - Get Free Report)'s stock price reached a new 52-week high on Monday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $55.00 price target on the stock. Rapt Therapeutics traded as high as $45.99 and last traded at $34.46, with a volume of 855499 shares trading hands. The stock had previously closed at $29.34.

Several other analysts have also issued reports on RAPT. Zacks Research lowered Rapt Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 22nd. Leerink Partnrs raised Rapt Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 25th. Leerink Partners raised Rapt Therapeutics from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $16.00 to $37.00 in a research note on Friday, September 26th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $38.00 price target (down previously from $51.00) on shares of Rapt Therapeutics in a research note on Friday, August 8th. Finally, UBS Group set a $9.00 price target on Rapt Therapeutics and gave the stock a "neutral" rating in a research note on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rapt Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $29.33.

Hedge Funds Weigh In On Rapt Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its holdings in shares of Rapt Therapeutics by 411.7% during 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 in the last quarter. Comerica Bank increased its holdings in Rapt Therapeutics by 53.9% in the 1st quarter. Comerica Bank now owns 89,327 shares of the company's stock worth $109,000 after buying an additional 31,287 shares in the last quarter. Callan Family Office LLC increased its holdings in Rapt Therapeutics by 53.9% in the 1st quarter. Callan Family Office LLC now owns 89,327 shares of the company's stock worth $109,000 after buying an additional 31,287 shares in the last quarter. Checkpoint Capital L.P. bought a new stake in Rapt Therapeutics in the 1st quarter worth about $134,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Rapt Therapeutics by 27.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 113,738 shares of the company's stock valued at $139,000 after purchasing an additional 24,662 shares during the period. 99.09% of the stock is currently owned by institutional investors.

Rapt Therapeutics Trading Up 15.1%

The stock has a 50 day simple moving average of $18.57 and a 200-day simple moving average of $11.95. The firm has a market capitalization of $558.52 million, a P/E ratio of -2.40 and a beta of 0.23.

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

About Rapt Therapeutics

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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