Rapport Therapeutics (NASDAQ:RAPP) Sets New 12-Month Low – Here’s What Happened

Rapport Therapeutics, Inc. (NASDAQ:RAPP)’s share price reached a new 52-week low on Wednesday. The stock traded as low as $21.60 and last traded at $22.4750, with a volume of 264,765 shares trading hands. The stock had previously closed at $27.54.

Analyst Ratings Changes

RAPP has been the subject of a number of research analyst reports. Guggenheim increased their target price on shares of Rapport Therapeutics from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. JonesTrading boosted their price target on shares of Rapport Therapeutics from $50.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $86.00 price target on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $68.36.

Rapport Therapeutics Price Performance

The stock has a market capitalization of $1.16 billion, a P/E ratio of -7.96 and a beta of 1.22. The firm has a 50 day moving average of $37.16 and a 200-day moving average of $35.58.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings data 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, equities analysts expect that Rapport Therapeutics, Inc. will post -4.08 earnings per share for the current year.

Insiders Place Their Bets

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 28,958 shares of Rapport Therapeutics stock in a transaction 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 sale, the chief executive officer owned 486,108 shares in the company, valued at $23,338,045.08. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Cheryl Gault sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total transaction of $331,900.00. Following the completion of the sale, the chief operating officer directly owned 139,914 shares in the company, valued at $4,643,745.66. This trade represents a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders acquired 61,694 shares of company stock valued at $1,664,818 and sold 97,976 shares valued at $4,391,729. Company insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Algert Global LLC acquired a new position in shares of Rapport Therapeutics in the 2nd quarter worth approximately $9,327,000. Johnson & Johnson acquired a new stake in Rapport Therapeutics in the 2nd quarter valued at $74,360,823. Legal & General Group Plc acquired a new stake in Rapport Therapeutics in the 2nd quarter valued at $940,000. Walleye Capital LLC bought a new stake in Rapport Therapeutics in the second quarter valued at $4,257,000. Finally, Bank of America Corp DE bought a new stake in Rapport Therapeutics in the second quarter valued at $3,170,000.

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.