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.

Investment 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, MarketBeat.com reports. The brokerage set a "buy" rating and a $44.00 price target on the stock. Truist Financial's price objective suggests a potential upside of 66.92% from the company's previous close.

RAPP has been the subject of several other reports. JMP Securities reissued a "market outperform" rating and set a $28.00 price target on shares of Rapport Therapeutics in a report on Tuesday, July 8th. HC Wainwright lifted their price target on shares of Rapport Therapeutics from $31.00 to $34.00 and gave the company a "buy" rating in a report on Monday, September 8th. The Goldman Sachs Group raised shares of Rapport Therapeutics to a "strong-buy" rating in a report on Friday, September 12th. Finally, Wall Street Zen raised shares of Rapport Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $35.33.

Rapport Therapeutics Trading Down 3.6%

RAPP stock traded down $0.99 during trading on Tuesday, hitting $26.36. 1,504,018 shares of the stock traded hands, compared to its average volume of 1,592,529. Rapport Therapeutics has a one year low of $6.43 and a one year high of $42.27. The stock has a market cap of $962.14 million, a price-to-earnings ratio of -10.54 and a beta of 0.73. The company has a 50 day simple moving average of $17.33 and a 200 day simple moving average of $12.93.

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. As a group, analysts predict that Rapport Therapeutics will post -3.65 earnings per share for the current fiscal year.

Insider Activity at Rapport Therapeutics

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 35,585 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $26.32, for a total value of $936,597.20. Following the completion of the sale, the chief executive officer owned 46,144 shares in the company, valued at approximately $1,214,510.08. This trade represents a 43.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Wendy B. Young purchased 3,500 shares of the stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $22.60 per share, with a total value of $79,100.00. Following the transaction, the director owned 9,500 shares in the company, valued at $214,700. This trade represents a 58.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 106,920 shares of company stock worth $2,568,524. 13.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Institutional investors have recently modified their holdings of the business. Deutsche Bank AG acquired a new stake in shares of Rapport Therapeutics during the 4th quarter worth approximately $41,000. Corebridge Financial Inc. grew its position in shares of Rapport Therapeutics by 79.1% during the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company's stock worth $83,000 after buying an additional 3,653 shares during the period. California State Teachers Retirement System grew its position in shares of Rapport Therapeutics by 1,151.2% during the 4th quarter. California State Teachers Retirement System now owns 8,571 shares of the company's stock worth $152,000 after buying an additional 7,886 shares during the period. GAMMA Investing LLC grew its position in shares of Rapport Therapeutics by 91,980.0% during the 1st quarter. GAMMA Investing LLC now owns 9,208 shares of the company's stock worth $918,000 after buying an additional 9,198 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Rapport Therapeutics by 86.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company's stock valued at $99,000 after purchasing an additional 4,582 shares during the period.

About Rapport Therapeutics

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.