Rapport Therapeutics (NASDAQ:RAPP) Issues Earnings Results

Rapport Therapeutics (NASDAQ:RAPP) released its quarterly earnings data on Thursday. The company reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.06, Zacks reports.

Rapport Therapeutics Stock Performance

Shares of NASDAQ RAPP traded up $0.30 during mid-day trading on Friday, reaching $25.66. 554,310 shares of the company’s stock were exchanged, compared to its average volume of 399,722. The firm has a market capitalization of $936.59 million, a price-to-earnings ratio of -9.47 and a beta of 1.64. Rapport Therapeutics has a 52-week low of $6.43 and a 52-week high of $42.27. The company’s 50-day moving average is $25.48 and its 200-day moving average is $17.13.

Insider Activity at Rapport Therapeutics

In other Rapport Therapeutics news, insider David Bredt sold 8,500 shares of Rapport Therapeutics stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $15.00, for a total transaction of $127,500.00. Following the completion of the sale, the insider directly owned 426,642 shares in the company, valued at $6,399,630. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wendy B. Young bought 3,500 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was bought at an average price of $22.60 per share, with a total value of $79,100.00. Following the acquisition, the director directly owned 9,500 shares in the company, valued at $214,700. The trade was a 58.33% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 109,336 shares of company stock worth $2,831,481. 13.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Rapport Therapeutics by 46.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,626,538 shares of the company’s stock valued at $48,308,000 after purchasing an additional 519,047 shares during the period. Bank of America Corp DE lifted its stake in Rapport Therapeutics by 62.5% in the second quarter. Bank of America Corp DE now owns 12,127 shares of the company’s stock valued at $138,000 after buying an additional 4,666 shares during the last quarter. Acuta Capital Partners LLC lifted its stake in Rapport Therapeutics by 22.0% in the second quarter. Acuta Capital Partners LLC now owns 20,000 shares of the company’s stock valued at $227,000 after buying an additional 3,600 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Rapport Therapeutics by 4.1% in the second quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company’s stock valued at $13,129,000 after acquiring an additional 45,063 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Rapport Therapeutics by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 100,424 shares of the company’s stock worth $1,142,000 after acquiring an additional 21,493 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a “strong-buy” rating in a report on Friday, September 12th. Truist Financial started coverage on Rapport Therapeutics in a report on Tuesday, September 16th. They set a “buy” rating and a $44.00 target price for the company. HC Wainwright increased their price target on Rapport Therapeutics from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Wednesday, October 8th. Finally, Citizens Jmp boosted their price objective on Rapport Therapeutics from $77.00 to $80.00 and gave the company a “market outperform” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rapport Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $46.50.

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.