Rapt Therapeutics (NASDAQ:RAPT) Upgraded by Piper Sandler to Strong-Buy Rating

Piper Sandler upgraded shares of Rapt Therapeutics (NASDAQ:RAPT) from an overweight rating to a strong-buy rating in a research report sent to investors on Friday, MarketBeat Ratings reports.

A number of other brokerages also recently issued reports on RAPT. Cowen initiated coverage on Rapt Therapeutics in a report on Thursday, December 18th. They issued a “buy” rating for the company. JPMorgan Chase & Co. increased their price target on shares of Rapt Therapeutics from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Wells Fargo & Company set a $72.00 price objective on shares of Rapt Therapeutics and gave the company an “overweight” rating in a report on Monday, November 3rd. Guggenheim assumed coverage on shares of Rapt Therapeutics in a research report on Monday, October 27th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rapt Therapeutics in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.44.

Rapt Therapeutics Stock Performance

NASDAQ:RAPT opened at $33.62 on Friday. The firm’s fifty day moving average is $32.10 and its two-hundred day moving average is $22.09. The firm has a market cap of $931.61 million, a price-to-earnings ratio of -3.04 and a beta of 0.45. Rapt Therapeutics has a one year low of $5.67 and a one year high of $42.39.

Rapt Therapeutics (NASDAQ:RAPT) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.88) by $0.23. As a group, equities research analysts predict that Rapt Therapeutics will post -2.14 earnings per share for the current fiscal year.

Institutional Trading of Rapt Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP acquired a new position in shares of Rapt Therapeutics during the 3rd quarter worth about $231,000. Bridgeway Capital Management LLC increased its stake in Rapt Therapeutics by 32.0% during the 3rd quarter. Bridgeway Capital Management LLC now owns 20,625 shares of the company’s stock worth $532,000 after buying an additional 5,000 shares in the last quarter. UBS Group AG raised its holdings in shares of Rapt Therapeutics by 680.3% during the third quarter. UBS Group AG now owns 28,808 shares of the company’s stock valued at $743,000 after acquiring an additional 25,116 shares during the last quarter. Millennium Management LLC lifted its position in shares of Rapt Therapeutics by 75.2% in the third quarter. Millennium Management LLC now owns 39,278 shares of the company’s stock valued at $1,013,000 after acquiring an additional 16,854 shares in the last quarter. Finally, Susquehanna International Group LLP boosted its stake in shares of Rapt Therapeutics by 173.4% in the third quarter. Susquehanna International Group LLP now owns 45,382 shares of the company’s stock worth $1,170,000 after acquiring an additional 28,782 shares during the last quarter. Hedge funds and other institutional investors own 99.09% of the company’s stock.

About Rapt Therapeutics

RAPT Therapeutics, Inc (NASDAQ:RAPT) is a clinical-stage biotechnology company developing novel therapeutics for autoimmune and allergic diseases. Founded in 2013 and headquartered in San Diego, California, RAPT applies tissue-selective immunology to design small molecule and biologic candidates that modulate immune cell trafficking and tissue-resident pathways. The company’s research platform enables the identification of targets that drive tissue inflammation with the goal of achieving improved efficacy and safety profiles over current therapies.

The company’s lead asset, RPT193, is an orally available antagonist of the CC chemokine receptor 4 (CCR4), currently in clinical development for atopic dermatitis and allergic asthma.