Rapport Therapeutics (NASDAQ:RAPP) Announces Earnings Results, Beats Expectations By $0.06 EPS

Rapport Therapeutics (NASDAQ:RAPP) released its quarterly earnings data on Thursday. The company reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.06, Zacks reports.

Rapport Therapeutics Stock Up 1.2%

NASDAQ RAPP traded up $0.30 on Friday, reaching $25.66. 554,310 shares of the stock traded hands, compared to its average volume of 399,722. The company has a market cap of $936.59 million, a price-to-earnings ratio of -9.47 and a beta of 1.64. Rapport Therapeutics has a 12 month low of $6.43 and a 12 month high of $42.27. The firm’s fifty day simple moving average is $25.48 and its 200 day simple moving average is $17.13.

Insiders Place Their Bets

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 40,835 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $26.32, for a total value of $1,074,777.20. Following the completion of the sale, the chief executive officer directly owned 585,412 shares of the company’s stock, valued at $15,408,043.84. This represents a 6.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Wendy B. Young bought 3,500 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average cost of $22.60 per share, for a total transaction of $79,100.00. Following the purchase, the director owned 9,500 shares of the company’s stock, valued at $214,700. This trade represents a 58.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 109,336 shares of company stock worth $2,831,481 over the last quarter. Company insiders own 13.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Rapport Therapeutics by 86.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company’s stock valued at $99,000 after buying an additional 4,582 shares during the period. Creative Planning bought a new position in shares of Rapport Therapeutics in the 2nd quarter valued at about $121,000. Bank of America Corp DE increased its holdings in shares of Rapport Therapeutics by 62.5% during the 2nd quarter. Bank of America Corp DE now owns 12,127 shares of the company’s stock worth $138,000 after acquiring an additional 4,666 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Rapport Therapeutics by 40.1% during the first quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock worth $144,000 after acquiring an additional 4,109 shares during the period. Finally, Acuta Capital Partners LLC raised its stake in Rapport Therapeutics by 22.0% in the 2nd quarter. Acuta Capital Partners LLC now owns 20,000 shares of the company’s stock worth $227,000 after purchasing an additional 3,600 shares in the last quarter.

Wall Street Analyst Weigh In

RAPP has been the subject of several research reports. Wall Street Zen raised shares of Rapport Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Wednesday, October 8th. Citizens Jmp upped their target price on shares of Rapport Therapeutics from $77.00 to $80.00 and gave the company a “market outperform” rating in a report on Friday. Truist Financial assumed coverage on Rapport Therapeutics in a report on Tuesday, September 16th. They issued a “buy” rating and a $44.00 price target for the company. Finally, The Goldman Sachs Group raised Rapport Therapeutics to a “strong-buy” rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.50.

About Rapport Therapeutics

Rapport Therapeutics Inc is a clinical-stage biotechnology company. It focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders. Rapport Therapeutics Inc is based in BOSTON.