Truist Financial Initiates Coverage on Rapport Therapeutics (NASDAQ:RAPP)

Key Points

• Truist Financial initiated coverage on Rapport Therapeutics (NASDAQ:RAPP) with a "buy" rating and a price target of $44.00, suggesting a potential upside of 77.92% from its current price.
• In addition to Truist, other analysts have given positive ratings, with Goldman Sachs upgrading it to "strong-buy" and HC Wainwright raising their price target from $31.00 to $34.00.
• Rapport Therapeutics reported a quarterly EPS of ($0.75), which surpassed the consensus estimate, and the stock is currently trading at $24.73.

Equities research analysts at Truist Financial began coverage on shares of Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $44.00 price target on the stock. Truist Financial's price target points to a potential upside of 77.92% from the stock's current price.

A number of other research analysts also recently weighed in on RAPP. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a "strong-buy" rating in a research report on Friday. HC Wainwright upped their target price on shares of Rapport Therapeutics from $31.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. JMP Securities reaffirmed a "market outperform" rating and issued 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 report on Saturday. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, Rapport Therapeutics presently has an average rating of "Buy" and an average price target of $35.33.

Rapport Therapeutics Trading Up 4.1%

RAPP stock opened at $24.73 on Tuesday. The firm's 50-day moving average price is $16.34 and its two-hundred day moving average price is $12.49. Rapport Therapeutics has a 12-month low of $6.43 and a 12-month high of $42.27. The stock has a market capitalization of $902.65 million, a price-to-earnings ratio of -9.89 and a beta of 0.71.

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

Insider Transactions at Rapport Therapeutics

In other news, COO Cheryl Gault sold 5,000 shares of the business's stock in a transaction dated Monday, September 8th. The stock was 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 owned 171,928 shares in the company, valued at approximately $6,590,000.24. The trade was a 2.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendy B. Young bought 3,500 shares of the business's stock in a transaction on Thursday, September 11th. The stock was acquired at an average cost of $22.60 per share, for a total transaction of $79,100.00. Following the completion of the transaction, the director owned 9,500 shares in the company, valued at $214,700. This represents a 58.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 30,500 shares of company stock worth $557,150. 13.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in RAPP. Nuveen LLC acquired a new stake in Rapport Therapeutics in the first quarter worth $219,000. XTX Topco Ltd acquired a new stake in Rapport Therapeutics in the first quarter worth $155,000. GAMMA Investing LLC grew its stake in shares of Rapport Therapeutics by 91,980.0% in the first quarter. GAMMA Investing LLC now owns 9,208 shares of the company's stock worth $918,000 after purchasing an additional 9,198 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Rapport Therapeutics by 1,151.2% in the fourth quarter. California State Teachers Retirement System now owns 8,571 shares of the company's stock worth $152,000 after purchasing an additional 7,886 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Rapport Therapeutics by 77.7% in the first quarter. Bank of New York Mellon Corp now owns 35,482 shares of the company's stock worth $356,000 after purchasing an additional 15,514 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.