Rapport Therapeutics (NASDAQ:RAPP) Stock Price Down 7.2% – Should You Sell?

Rapport Therapeutics, Inc. (NASDAQ:RAPP)’s stock price fell 7.2% during mid-day trading on Wednesday . The company traded as low as $39.14 and last traded at $38.4660. 16,386 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 346,907 shares. The stock had previously closed at $41.47.

Analyst Ratings Changes

RAPP has been the subject of several recent analyst reports. William Blair assumed coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating for the company. Wall Street Zen cut Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Rapport Therapeutics in a report on Tuesday. Citigroup reiterated a “market outperform” rating on shares of Rapport Therapeutics in a report on Wednesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rapport Therapeutics has an average rating of “Buy” and an average price target of $66.25.

Rapport Therapeutics Trading Down 15.3%

The business has a 50 day moving average of $44.84 and a 200-day moving average of $38.79. The stock has a market cap of $1.68 billion, a PE ratio of -11.57 and a beta of 1.02.

Rapport Therapeutics (NASDAQ:RAPP) last released its earnings results on Wednesday, August 5th. The company reported ($1.19) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.07). On average, equities research analysts anticipate that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

Insider Buying and Selling at Rapport Therapeutics

In other Rapport Therapeutics news, CEO Abraham Ceesay sold 8,210 shares of Rapport Therapeutics stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $45.61, for a total transaction of $374,458.10. Following the sale, the chief executive officer directly owned 458,977 shares in the company, valued at $20,933,940.97. The trade was a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 81,244 shares of company stock worth $3,858,615 in the last three months. 12.48% of the stock is owned by company insiders.

Institutional Trading of Rapport Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. KBC Group NV bought a new position in Rapport Therapeutics in the 1st quarter worth $30,000. State of Wyoming bought a new stake in Rapport Therapeutics during the second quarter valued at about $65,000. Meeder Asset Management Inc. bought a new stake in Rapport Therapeutics during the second quarter valued at about $116,000. AlphaCentric Advisors LLC grew its position in shares of Rapport Therapeutics by 6.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,438 shares of the company’s stock valued at $201,000 after purchasing an additional 408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Rapport Therapeutics in the first quarter worth about $215,000.

Rapport Therapeutics Company Profile

Rapport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for disorders of the central nervous system. The company’s research centers on receptor-associated proteins, which help regulate neurotransmitter receptors and may provide opportunities to develop more selective therapies than those that target receptors broadly.

Rapport’s lead development program, RAP-219, is an orally administered investigational therapy designed to modulate AMPA receptors through their associated proteins.