Rapport Therapeutics (NASDAQ:RAPP) Upgraded to “Strong-Buy” at UBS Group

Rapport Therapeutics (NASDAQ:RAPP) was upgraded by analysts at UBS Group to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

RAPP has been the topic of several other research reports. Wolfe Research assumed coverage on Rapport Therapeutics in a research note on Thursday. They issued an “outperform” rating and a $50.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Thursday. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a report on Tuesday, September 22nd. Guggenheim began coverage on shares of Rapport Therapeutics in a research report on Tuesday, October 6th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, HC Wainwright upped their target price on shares of Rapport Therapeutics from $40.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $63.60.

Rapport Therapeutics Stock Down 6.8%

Shares of RAPP stock traded down $2.00 during trading hours on Wednesday, hitting $27.57. 412,062 shares of the company’s stock were exchanged, compared to its average volume of 474,827. Rapport Therapeutics has a fifty-two week low of $23.75 and a fifty-two week high of $52.93. The firm has a 50 day moving average of $41.07 and a two-hundred day moving average of $39.08. The firm has a market cap of $1.32 billion, a P/E ratio of -9.07 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last issued 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). On average, equities analysts forecast that Rapport Therapeutics will post -4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the completion of the transaction, the chief executive officer directly owned 486,108 shares in the company, valued at $23,338,045.08. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Cheryl Gault sold 10,000 shares of Rapport Therapeutics stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total value of $331,900.00. Following the completion of the sale, the chief operating officer directly owned 139,914 shares of the company’s stock, valued at $4,643,745.66. The trade was a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 97,976 shares of company stock valued at $4,420,349. Company insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Several institutional investors have recently bought and sold shares of RAPP. TRV GP V LLC purchased a new position in shares of Rapport Therapeutics in the second quarter valued at approximately $261,709,477. ARCH Venture Management LLC purchased a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $155,376,512. BlackRock Inc. purchased a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $112,500,000. Johnson & Johnson purchased a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $74,360,823. Finally, TRV GP VI LLC acquired a new stake in Rapport Therapeutics during the 2nd quarter worth approximately $40,387,314.

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.