Insider Selling: Rapport Therapeutics (NASDAQ:RAPP) COO Sells 10,000 Shares of Stock

Rapport Therapeutics, Inc. (NASDAQ:RAPP) COO Cheryl Gault sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the sale, the chief operating officer directly owned 139,914 shares in the company, valued at $4,643,745.66. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Rapport Therapeutics Price Performance

Shares of NASDAQ:RAPP traded down $0.77 during trading on Thursday, hitting $32.83. 326,569 shares of the company were exchanged, compared to its average volume of 359,106. Rapport Therapeutics, Inc. has a 52-week low of $23.75 and a 52-week high of $52.93. The stock has a 50 day moving average of $43.95 and a 200 day moving average of $38.95. The company has a market cap of $1.58 billion, a PE ratio of -10.80 and a beta of 1.02.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). Sell-side analysts forecast that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Rapport Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of RAPP. Engineers Gate Manager LP purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter valued at $888,000. Wellington Management Group LLP grew its position in Rapport Therapeutics by 11.2% in the second quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock worth $3,625,000 after acquiring an additional 8,757 shares in the last quarter. Artia Global Partners LP bought a new position in Rapport Therapeutics in the second quarter valued at $5,772,000. Bank of America Corp DE bought a new position in Rapport Therapeutics in the second quarter valued at $3,170,000. Finally, Jupiter Topco LLC purchased a new stake in Rapport Therapeutics during the second quarter valued at about $574,000.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a research report on Tuesday, September 22nd. Leerink Partners began coverage on shares of Rapport Therapeutics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target for the company. HC Wainwright increased their price objective on Rapport Therapeutics from $40.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. William Blair started coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They set an “outperform” rating for the company. Finally, BTIG Research boosted their target price on Rapport Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $66.25.

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.