Rapport Therapeutics (NASDAQ:RAPP) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

Rapport Therapeutics Stock Performance

NASDAQ:RAPP traded up $0.30 during midday trading on Friday, reaching $25.66. 554,310 shares of the stock traded hands, compared to its average volume of 399,722. The stock has a market capitalization of $936.59 million, a PE ratio of -9.47 and a beta of 1.64. Rapport Therapeutics has a 12-month low of $6.43 and a 12-month high of $42.27. The business has a 50-day moving average of $25.48 and a two-hundred day moving average of $17.13.

Wall Street Analyst Weigh In

A number of research firms have commented on RAPP. Wall Street Zen raised shares of Rapport Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a “strong-buy” rating in a research note on Friday, September 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Wednesday, October 8th. Truist Financial assumed 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. Finally, HC Wainwright increased their target price on Rapport Therapeutics from $31.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.50.

Insider Activity

In other news, COO Cheryl Gault sold 5,000 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $38.33, for a total transaction of $191,650.00. Following the transaction, the chief operating officer directly owned 171,928 shares of the company’s stock, valued at approximately $6,590,000.24. This represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Bredt sold 8,500 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $15.00, for a total value of $127,500.00. Following the completion of the sale, the insider directly owned 426,642 shares of the company’s stock, valued at $6,399,630. The trade was a 1.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 109,336 shares of company stock valued at $2,831,481 over the last three months. Company insiders own 13.57% of the company’s stock.

Institutional Investors Weigh In On Rapport Therapeutics

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of 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 acquiring an additional 4,582 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rapport Therapeutics during the 1st quarter worth approximately $2,039,000. Rhumbline Advisers grew its position in Rapport Therapeutics by 40.1% during the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock worth $144,000 after purchasing an additional 4,109 shares during the last quarter. Geode Capital Management LLC increased its stake in Rapport Therapeutics by 5.5% during the 2nd quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock valued at $3,789,000 after purchasing an additional 17,496 shares in the last quarter. Finally, Creative Planning purchased a new position in shares of Rapport Therapeutics in the second quarter worth $121,000.

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.