Rapport Therapeutics (NASDAQ:RAPP) Shares Down 6.9% – Here’s Why

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) dropped 6.9% during mid-day trading on Monday . The company traded as low as $27.01 and last traded at $26.9710. 90,767 shares were traded during mid-day trading, a decline of 72% from the average session volume of 323,098 shares. The stock had previously closed at $28.96.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on RAPP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Wednesday, October 8th. The Goldman Sachs Group reiterated a “buy” rating on shares of Rapport Therapeutics in a report on Friday, December 19th. Wall Street Zen upgraded Rapport Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, December 14th. Wells Fargo & Company set a $51.00 target price on Rapport Therapeutics in a research report on Friday, December 19th. Finally, HC Wainwright upped their price target on Rapport Therapeutics from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.33.

Rapport Therapeutics Trading Down 6.8%

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -9.96 and a beta of 1.63. The company has a 50 day moving average of $28.31 and a 200 day moving average of $22.80.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.71) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.06. Equities analysts forecast that Rapport Therapeutics, Inc. will post -3.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Abraham Ceesay sold 5,083 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $29.63, for a total transaction of $150,609.29. Following the sale, the chief executive officer directly owned 30,895 shares in the company, valued at $915,418.85. This trade represents a 14.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Bredt sold 6,567 shares of the business’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $30.05, for a total transaction of $197,338.35. Following the completion of the sale, the insider directly owned 404,075 shares in the company, valued at $12,142,453.75. This represents a 1.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 67,655 shares of company stock worth $1,851,447. Company insiders own 13.57% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 purchasing an additional 4,582 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of Rapport Therapeutics during the first quarter worth about $2,039,000. Rhumbline Advisers raised its position in Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock valued at $144,000 after buying an additional 4,109 shares during the last quarter. TD Asset Management Inc lifted its stake in Rapport Therapeutics by 20.9% in the 2nd quarter. TD Asset Management Inc now owns 196,870 shares of the company’s stock valued at $2,238,000 after acquiring an additional 34,052 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Rapport Therapeutics by 5.5% in the 2nd quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock valued at $3,789,000 after acquiring an additional 17,496 shares in the last quarter.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.

Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.