Rapport Therapeutics (NASDAQ:RAPP) Releases Earnings Results, Beats Expectations By $0.06 EPS

Rapport Therapeutics (NASDAQ:RAPP) announced its earnings results on Thursday. The company reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.06, Zacks reports.

Rapport Therapeutics Stock Performance

RAPP traded up $0.30 during midday trading on Friday, reaching $25.66. 554,310 shares of the company were exchanged, compared to its average volume of 399,722. The company has a market cap of $936.59 million, a price-to-earnings ratio of -9.47 and a beta of 1.64. The company’s fifty day moving average price is $25.48 and its 200 day moving average price is $17.13. Rapport Therapeutics has a one year low of $6.43 and a one year high of $42.27.

Analyst Ratings Changes

Several research analysts have weighed in on RAPP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapport Therapeutics in a report on Wednesday, October 8th. HC Wainwright boosted their price target on Rapport Therapeutics from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, September 8th. The Goldman Sachs Group upgraded shares of Rapport Therapeutics to a “strong-buy” rating in a research report on Friday, September 12th. Citizens Jmp raised their price objective on Rapport Therapeutics from $77.00 to $80.00 and gave the company a “market outperform” rating in a research note on Friday. Finally, Truist Financial initiated coverage on shares of Rapport Therapeutics in a research report on Tuesday, September 16th. They set a “buy” rating and a $44.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.50.

Insiders Place Their Bets

In other Rapport Therapeutics news, COO Cheryl Gault sold 5,000 shares of Rapport Therapeutics stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $38.33, for a total transaction of $191,650.00. Following the completion of the sale, the chief operating officer directly owned 171,928 shares in the company, valued at $6,590,000.24. The trade was a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Bredt sold 8,500 shares of Rapport Therapeutics stock in a transaction on Friday, August 15th. The stock was sold at an average price of $15.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 426,642 shares in the company, valued at approximately $6,399,630. The trade was a 1.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 109,336 shares of company stock worth $2,831,481 over the last 90 days. Company insiders own 13.57% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Rapport Therapeutics by 46.9% in the third quarter. Vanguard Group Inc. now owns 1,626,538 shares of the company’s stock worth $48,308,000 after purchasing an additional 519,047 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Rapport Therapeutics by 62.5% in the 2nd quarter. Bank of America Corp DE now owns 12,127 shares of the company’s stock worth $138,000 after buying an additional 4,666 shares in the last quarter. Acuta Capital Partners LLC increased its position in shares of Rapport Therapeutics by 22.0% during the 2nd quarter. Acuta Capital Partners LLC now owns 20,000 shares of the company’s stock valued at $227,000 after purchasing an additional 3,600 shares during the last quarter. Alliancebernstein L.P. raised its position in Rapport Therapeutics by 4.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,154,688 shares of the company’s stock worth $13,129,000 after purchasing an additional 45,063 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Rapport Therapeutics by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 100,424 shares of the company’s stock valued at $1,142,000 after purchasing an additional 21,493 shares during the period.

Rapport Therapeutics Company Profile

Rapport Therapeutics Inc is a clinical-stage biotechnology company. It focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders. Rapport Therapeutics Inc is based in BOSTON.