Rapport Therapeutics (NASDAQ:RAPP) Upgraded at UBS Group

UBS Group upgraded shares of Rapport Therapeutics (NASDAQ:RAPP) to a strong-buy rating in a research report report published on Wednesday morning,Zacks reports.

A number of other research analysts have also issued reports on RAPP. Raymond James Financial reiterated a “strong-buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, September 22nd. Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. William Blair assumed coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating for the company. Citigroup restated a “market outperform” rating on shares of Rapport Therapeutics in a report on Wednesday, September 23rd. Finally, Leerink Partners started coverage on shares of Rapport Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $63.60.

Rapport Therapeutics Trading Down 6.8%

Rapport Therapeutics stock traded down $2.00 during trading hours on Wednesday, reaching $27.57. 412,062 shares of the company were exchanged, compared to its average volume of 474,827. Rapport Therapeutics has a 12 month low of $23.75 and a 12 month high of $52.93. The stock has a 50-day moving average of $41.07 and a 200 day moving average of $39.08. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -9.07 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) EPS for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.07). As a group, research analysts forecast that Rapport Therapeutics will post -4.09 EPS for the current year.

Insider Activity at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the transaction, the chief executive officer owned 486,108 shares in the company, valued at approximately $23,338,045.08. The trade was a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Cheryl Gault sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the transaction, the chief operating officer directly owned 139,914 shares of the company’s stock, valued at $4,643,745.66. This represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 97,976 shares of company stock worth $4,420,349. Company insiders own 12.48% of the company’s stock.

Institutional Trading of Rapport Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Engineers Gate Manager LP bought a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at approximately $888,000. Wellington Management Group LLP lifted its position in shares of Rapport Therapeutics by 11.2% during the 2nd quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock worth $3,625,000 after buying an additional 8,757 shares during the period. Artia Global Partners LP bought a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $5,772,000. Bank of America Corp DE bought a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $3,170,000. Finally, Jupiter Topco LLC acquired a new stake in Rapport Therapeutics in the 2nd quarter valued at $574,000.

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.