Rapport Therapeutics, Inc. (NASDAQ:RAPP – Get Free Report) saw strong trading volume on Monday following insider buying activity. Approximately 479,538 shares were traded during trading, an increase of 5% from the average daily volume of 457,195 shares. The stock last traded at $25.3080 and had previously closed at $25.05.
Specifically, Director James Healy purchased 969,480 shares of the firm’s stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $21.00 per share, with a total value of $20,359,080.00. Following the purchase, the director directly owned 2,815,707 shares of the company’s stock, valued at $59,129,847. The trade was a 52.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Thursday, October 15th. Wolfe Research started coverage on shares of Rapport Therapeutics in a research report on Thursday, October 15th. They set an “outperform” rating and a $50.00 price target for the company. UBS Group started coverage on shares of Rapport Therapeutics in a research report on Thursday, October 15th. They set a “buy” rating and a $71.00 price target on the stock. Finally, BTIG Research raised their price objective on Rapport Therapeutics from $75.00 to $89.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $68.36.
Get Our Latest Report on Rapport Therapeutics
Rapport Therapeutics Trading Up 1.1%
The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -8.31 and a beta of 1.41. The firm has a 50-day moving average of $36.70 and a 200 day moving average of $35.57.
Rapport Therapeutics (NASDAQ:RAPP – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). Equities research analysts predict that Rapport Therapeutics, Inc. will post -4.08 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. AlphaCentric Advisors LLC grew its holdings in shares of Rapport Therapeutics by 6.8% in the 1st quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock worth $201,000 after acquiring an additional 408 shares during the last quarter. Sterling Capital Management LLC grew its position in Rapport Therapeutics by 597.9% during the third quarter. Sterling Capital Management LLC now owns 984 shares of the company’s stock valued at $33,000 after purchasing an additional 843 shares in the last quarter. KBC Group NV purchased a new position in Rapport Therapeutics in the first quarter valued at about $30,000. State of Wyoming acquired a new position in Rapport Therapeutics in the 2nd quarter worth about $65,000. Finally, Swiss National Bank increased its position in Rapport Therapeutics by 3.5% in the 1st quarter. Swiss National Bank now owns 56,500 shares of the company’s stock worth $1,768,000 after purchasing an additional 1,900 shares during the last quarter.
About Rapport Therapeutics
Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.
Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.
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