Rapport Therapeutics, Inc. (NASDAQ:RAPP) Stock Has Consensus Target Price of $66.60 According to Brokerages

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) have been assigned an average rating of “Buy” from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $66.60.

A number of research firms have recently issued reports on RAPP. Wolfe Research began coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They set an “outperform” rating and a $50.00 price objective on the stock. Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup restated an “outperform” rating on shares of Rapport Therapeutics in a report on Tuesday. Raymond James Financial reaffirmed a “strong-buy” rating and set a $86.00 target price on shares of Rapport Therapeutics in a research report on Tuesday. Finally, TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a report on Tuesday.

Rapport Therapeutics Price Performance

RAPP stock opened at $29.37 on Wednesday. Rapport Therapeutics has a 1-year low of $23.75 and a 1-year high of $52.93. The business has a fifty day moving average price of $40.31 and a 200-day moving average price of $39.13. The stock has a market capitalization of $1.41 billion, a P/E ratio of -9.66 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings data 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). As a group, analysts anticipate that Rapport Therapeutics will post -4.09 earnings per share for the current year.

Rapport Therapeutics News Roundup

Here are the key news stories impacting Rapport Therapeutics this week:

• Positive Sentiment: RAP-219 met both the primary and secondary endpoints in the Phase 2 trial, producing statistically significant placebo-adjusted improvements at Week 3 in the Young Mania Rating Scale total score and the CGI-BP Severity of Mania score. The company plans to advance the treatment toward Phase 3. Rapport Therapeutics Announces Positive Topline Results from its Phase 2 Trial of RAP-219
• Positive Sentiment: The trial outcome strengthened the investment case for RAP-219, which analysts view as a potential treatment with peak annual sales of roughly $1 billion if successfully developed and commercialized. Coverage also described the drug as offering a novel mechanism in bipolar mania. Inside the $1 Billion Blockbuster Opportunity That Has Rapport Therapeutics Stock Surging
• Positive Sentiment: Analyst support increased following the data. HC Wainwright reaffirmed its Buy rating with a $66 price target, while BTIG raised its target from $75 to $89 and maintained a Buy rating. These targets imply substantial upside from the stock’s recent trading level.
• Neutral Sentiment: Rapport’s management discussed the Phase 2 results and broader business plans in an investor update, giving the market additional detail on the path toward Phase 3 and the company’s pipeline. Rapport Therapeutics Discusses Phase II Bipolar Mania Trial Results and Business Update Transcript
• Negative Sentiment: Some analysts cautioned that RAP-219 only narrowly achieved statistical significance and that the magnitude of improvement was limited relative to the original ambition for the trial. The company still faces the expense, execution risk and regulatory uncertainty of a Phase 3 program. Rapport’s Phase 2 Bipolar Data Strikes a Chord with Analysts Despite Falling Short of Original Ambition

Insider Buying and Selling at Rapport Therapeutics

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 28,958 shares of the company’s stock in a transaction that occurred on 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. This represents a 5.62% decrease in their position. The sale 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 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 transaction, the chief operating officer directly owned 139,914 shares in the company, valued at approximately $4,643,745.66. The trade was a 6.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 97,976 shares of company stock worth $4,420,349 over the last ninety days. Corporate insiders own 12.48% of the company’s stock.

Institutional Trading of Rapport Therapeutics

Hedge funds have recently modified their holdings of the stock. Algert Global LLC acquired a new stake in Rapport Therapeutics during the second quarter worth about $9,327,000. Johnson & Johnson acquired a new position in Rapport Therapeutics in the 2nd quarter valued at about $74,360,823. Legal & General Group Plc acquired a new position in Rapport Therapeutics in the 2nd quarter valued at about $940,000. Walleye Capital LLC purchased a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at approximately $4,257,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at approximately $3,426,000.

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.