UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stock Holdings in Rapport Therapeutics, Inc. $RAPP

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in Rapport Therapeutics, Inc. (NASDAQ:RAPP) by 29.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 644,082 shares of the company’s stock after selling 274,784 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Rapport Therapeutics were worth $26,839,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. KBC Group NV purchased a new stake in shares of Rapport Therapeutics in the 1st quarter worth approximately $30,000. Meeder Asset Management Inc. purchased a new position in Rapport Therapeutics during the fourth quarter valued at approximately $37,000. Russell Investments Group Ltd. bought a new position in Rapport Therapeutics in the third quarter worth approximately $43,000. State of Wyoming bought a new position in Rapport Therapeutics in the second quarter worth approximately $65,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Rapport Therapeutics during the third quarter worth $143,000.

Analyst Ratings Changes

Several brokerages have issued reports on RAPP. Citigroup reaffirmed a “market outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, June 2nd. UBS Group reissued a “strong-buy” rating on shares of Rapport Therapeutics in a research report on Monday, August 17th. Truist Financial initiated coverage on Rapport Therapeutics in a research note on Monday, May 18th. They set a “buy” rating and a $56.00 price objective for the company. HC Wainwright raised their price objective on Rapport Therapeutics from $40.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen lowered Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rapport Therapeutics presently has a consensus rating of “Buy” and an average price target of $62.86.

Rapport Therapeutics Stock Down 2.1%

NASDAQ:RAPP opened at $47.65 on Friday. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.67 and a beta of 1.02. Rapport Therapeutics, Inc. has a 52 week low of $14.11 and a 52 week high of $52.93. The firm has a 50 day moving average of $44.15 and a 200 day moving average of $37.51.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.07). As a group, analysts expect that Rapport Therapeutics, Inc. will post -4.09 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Abraham Ceesay sold 28,958 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the transaction, the chief executive officer directly owned 486,108 shares of the company’s stock, valued at $23,338,045.08. This represents a 5.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 73,034 shares of company stock worth $3,484,157. 12.48% of the stock is owned by insiders.

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.