Rapt Therapeutics (NASDAQ:RAPT) Sees Strong Trading Volume – What’s Next?

Rapt Therapeutics (NASDAQ:RAPT) shares saw unusually-high trading volume on Wednesday . Approximately 297,424 shares were traded during trading, an increase of 50% from the previous session’s volume of 198,388 shares.The stock last traded at $31.5770 and had previously closed at $29.97.

Wall Street Analysts Forecast Growth

RAPT has been the topic of a number of research reports. Wall Street Zen upgraded Rapt Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Rapt Therapeutics in a research report on Wednesday, October 8th. Leerink Partners raised Rapt Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $16.00 to $37.00 in a research note on Friday, September 26th. Wells Fargo & Company set a $72.00 price objective on shares of Rapt Therapeutics and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Rapt Therapeutics from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rapt Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $50.50.

Rapt Therapeutics Stock Performance

The firm has a fifty day moving average of $27.78 and a 200-day moving average of $16.24. The stock has a market capitalization of $908.72 million, a price-to-earnings ratio of -2.96 and a beta of 0.20.

Rapt Therapeutics (NASDAQ:RAPT) last announced its earnings results on Thursday, November 6th. The company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.23. On average, analysts predict that Rapt Therapeutics will post -2.14 EPS for the current year.

Institutional Trading of Rapt Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Velan Capital Investment Management LP acquired a new stake in shares of Rapt Therapeutics in the 3rd quarter worth approximately $2,063,000. Susquehanna International Group LLP lifted its position in Rapt Therapeutics by 173.4% in the third quarter. Susquehanna International Group LLP now owns 45,382 shares of the company’s stock worth $1,170,000 after purchasing an additional 28,782 shares during the period. Millennium Management LLC boosted its stake in Rapt Therapeutics by 75.2% during the 3rd quarter. Millennium Management LLC now owns 39,278 shares of the company’s stock valued at $1,013,000 after purchasing an additional 16,854 shares in the last quarter. Boone Capital Management LLC acquired a new position in shares of Rapt Therapeutics during the 3rd quarter valued at $20,180,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Rapt Therapeutics in the 3rd quarter worth $1,326,000. 99.09% of the stock is currently owned by institutional investors.

Rapt Therapeutics Company Profile

RAPT Therapeutics, Inc, a clinical-stage immunology-based biopharmaceutical company, focuses on discovery, development, and commercialization of oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases in the United States. The company's lead inflammation drug candidate is zelnecirnon (RPT193), a C-C motif chemokine receptor 4 (CCR4) antagonist that selectively inhibit the migration of type 2 T helper cells into inflamed tissues.