Rapport Therapeutics (NASDAQ:RAPP) Sets New 1-Year High After Analyst Upgrade

Rapport Therapeutics, Inc. (NASDAQ:RAPP)’s share price hit a new 52-week high during trading on Wednesday after HC Wainwright raised their price target on the stock from $40.00 to $66.00. HC Wainwright currently has a buy rating on the stock. Rapport Therapeutics traded as high as $48.94 and last traded at $48.82, with a volume of 425313 shares changing hands. The stock had previously closed at $46.98.

A number of other brokerages have also recently issued reports on RAPP. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Rapport Therapeutics in a report on Tuesday, June 2nd. BTIG Research reiterated a “buy” rating and set a $65.00 target price on shares of Rapport Therapeutics in a report on Wednesday, August 5th. Leerink Partners initiated coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price target on the stock. Finally, William Blair started coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rapport Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $61.57.

Insider Activity at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the company’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 completion of the sale, the chief executive officer owned 486,108 shares of the company’s stock, valued at $23,338,045.08. This represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $40.05, for a total transaction of $743,808.60. Following the completion of the transaction, the insider owned 6,280,525 shares in the company, valued at $251,535,026.25. The trade was a 0.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 72,281 shares of company stock valued at $3,269,892 over the last three months. 12.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 purchasing 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 in the first quarter worth about $2,039,000. Rhumbline Advisers raised its stake in shares of Rapport Therapeutics by 40.1% in the first quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock worth $144,000 after buying an additional 4,109 shares during the period. Geode Capital Management LLC raised its stake in shares of Rapport Therapeutics by 5.5% in the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock worth $3,789,000 after buying an additional 17,496 shares during the period. Finally, Creative Planning purchased a new position in shares of Rapport Therapeutics during the 2nd quarter valued at about $121,000.

Rapport Therapeutics Trading Down 0.8%

The stock has a 50 day moving average of $40.66 and a 200-day moving average of $35.20. The company has a market capitalization of $2.27 billion, a P/E ratio of -15.58 and a beta of 0.97.

Rapport Therapeutics (NASDAQ:RAPP) last released its 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, sell-side analysts expect that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.

Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.