Insider Selling: Rapport Therapeutics (NASDAQ:RAPP) CEO Sells 3,375 Shares of Stock

Rapport Therapeutics, Inc. (NASDAQ:RAPP) CEO Abraham Ceesay sold 3,375 shares of Rapport Therapeutics stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $32.03, for a total transaction of $108,101.25. Following the completion of the transaction, the chief executive officer directly owned 453,392 shares of the company’s stock, valued at $14,522,145.76. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Abraham Ceesay also recently made the following trade(s):

• On Wednesday, October 7th, Abraham Ceesay sold 1,147 shares of Rapport Therapeutics stock. The shares were sold at an average price of $30.66, for a total value of $35,167.02.
• On Wednesday, September 23rd, Abraham Ceesay sold 2,210 shares of Rapport Therapeutics stock. The shares were sold at an average price of $39.17, for a total value of $86,565.70.
• On Tuesday, September 8th, Abraham Ceesay sold 8,210 shares of Rapport Therapeutics stock. The stock was sold at an average price of $45.61, for a total value of $374,458.10.
• On Tuesday, August 25th, Abraham Ceesay sold 18,921 shares of Rapport Therapeutics stock. The shares were sold at an average price of $49.57, for a total value of $937,913.97.
• On Tuesday, August 11th, Abraham Ceesay sold 28,958 shares of Rapport Therapeutics stock. The stock was sold at an average price of $48.01, for a total value of $1,390,273.58.
• On Monday, August 10th, Abraham Ceesay sold 22,541 shares of Rapport Therapeutics stock. The stock was sold at an average price of $46.26, for a total value of $1,042,746.66.
• On Monday, July 27th, Abraham Ceesay sold 2,210 shares of Rapport Therapeutics stock. The shares were sold at an average price of $42.11, for a total transaction of $93,063.10.

Rapport Therapeutics Stock Performance

Shares of Rapport Therapeutics stock traded down $1.01 during trading on Thursday, hitting $29.85. 236,728 shares of the stock were exchanged, compared to its average volume of 356,361. Rapport Therapeutics, Inc. has a 12 month low of $23.75 and a 12 month high of $52.93. The stock’s fifty day moving average is $42.99 and its 200 day moving average is $39.10. The stock has a market cap of $1.43 billion, a PE ratio of -9.82 and a beta of 1.22.

Rapport Therapeutics (NASDAQ:RAPP) last posted its earnings results 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 anticipate that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on RAPP shares. Citigroup restated a “market outperform” rating on shares of Rapport Therapeutics in a research report on Wednesday, September 23rd. Raymond James Financial restated a “strong-buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, September 22nd. HC Wainwright upped their price objective on shares of Rapport Therapeutics from $40.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Wall Street Zen lowered shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, BTIG Research boosted their price target on shares of 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, eleven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $66.11.

Institutional Investors Weigh In On Rapport Therapeutics

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

About Rapport Therapeutics

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.