Guggenheim Initiates Coverage on Rapport Therapeutics (NASDAQ:RAPP)

Investment analysts at Guggenheim began coverage on shares of Rapport Therapeutics (NASDAQ:RAPP) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $65.00 price target on the stock. Guggenheim’s target price suggests a potential upside of 108.67% from the company’s previous close.

Several other research firms have also weighed in on RAPP. Leerink Partners initiated coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Rapport Therapeutics in a research note on Wednesday, September 23rd. William Blair started coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They issued an “outperform” rating on the stock. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a report on Tuesday, September 22nd. Finally, Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Rapport Therapeutics currently has an average rating of “Buy” and a consensus price target of $66.11.

Rapport Therapeutics Stock Performance

Shares of NASDAQ:RAPP opened at $31.15 on Tuesday. The firm has a 50 day simple moving average of $43.19 and a 200 day simple moving average of $39.08. Rapport Therapeutics has a 52 week low of $23.75 and a 52 week high of $52.93. The company has a market cap of $1.49 billion, a PE ratio of -10.25 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last announced its earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.07). On average, equities analysts predict that Rapport Therapeutics will post -4.09 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Cheryl Gault sold 10,000 shares of Rapport Therapeutics stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total value of $331,900.00. Following the completion of the sale, the chief operating officer owned 139,914 shares of the company’s stock, valued at approximately $4,643,745.66. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Abraham Ceesay sold 2,210 shares of the company’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $39.17, for a total transaction of $86,565.70. Following the completion of the sale, the chief executive officer owned 456,767 shares of the company’s stock, valued at $17,891,563.39. This represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 93,454 shares of company stock valued at $4,277,081 over the last quarter. Corporate insiders own 12.48% of the company’s stock.

Institutional Trading of Rapport Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV bought a new position in shares of Rapport Therapeutics in the 1st quarter valued at approximately $30,000. State of Wyoming bought a new stake in Rapport Therapeutics during the second quarter worth approximately $65,000. Meeder Asset Management Inc. acquired a new position in Rapport Therapeutics during the second quarter valued at approximately $116,000. AlphaCentric Advisors LLC raised its position in shares of Rapport Therapeutics by 6.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock valued at $201,000 after purchasing an additional 408 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Rapport Therapeutics in the first quarter worth $215,000.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its proprietary RAP platform to identify and target synaptic receptor-associated proteins, which can influence the activity, distribution and function of receptors involved in the central nervous system.

Rapport’s lead clinical program is relutrigine, also known as RAP-219, an orally administered small-molecule therapy being developed for focal epilepsy.