Rapport Therapeutics (NASDAQ:RAPP) Shares Gap Down on Disappointing Earnings

Rapport Therapeutics, Inc. (NASDAQ:RAPP) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $30.54, but opened at $29.20. Rapport Therapeutics shares last traded at $30.50, with a volume of 115,263 shares changing hands.

The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.07).

Analyst Ratings Changes

Several brokerages recently weighed in on RAPP. Wells Fargo & Company started coverage on Rapport Therapeutics in a report on Monday, February 2nd. They issued an “overweight” rating and a $43.00 price objective for the company. HC Wainwright boosted their price target on Rapport Therapeutics from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. The Goldman Sachs Group reissued a “buy” rating on shares of Rapport Therapeutics in a research report on Friday, December 19th. Citigroup reaffirmed a “market outperform” rating on shares of Rapport Therapeutics in a report on Tuesday. Finally, TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.80.

Insider Transactions at Rapport Therapeutics

In related news, CEO Abraham Ceesay sold 5,833 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $29.34, for a total value of $171,140.22. Following the completion of the sale, the chief executive officer owned 556,247 shares of the company’s stock, valued at approximately $16,320,286.98. The trade was a 1.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David Bredt sold 8,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $29.02, for a total value of $246,670.00. Following the transaction, the insider owned 387,075 shares in the company, valued at approximately $11,232,916.50. This trade represents a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 69,669 shares of company stock worth $1,999,877 in the last 90 days. Corporate insiders own 13.57% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RAPP. Meeder Asset Management Inc. bought a new stake in shares of Rapport Therapeutics during the 4th quarter valued at $37,000. Russell Investments Group Ltd. acquired a new stake in shares of Rapport Therapeutics in the third quarter valued at about $43,000. Strs Ohio raised its holdings in shares of Rapport Therapeutics by 23.5% in the 3rd quarter. Strs Ohio now owns 2,100 shares of the company’s stock valued at $62,000 after purchasing an additional 400 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Rapport Therapeutics by 64.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,316 shares of the company’s stock worth $70,000 after purchasing an additional 905 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Rapport Therapeutics in the 3rd quarter valued at about $143,000.

Rapport Therapeutics Price Performance

The firm has a 50-day moving average price of $28.16 and a 200 day moving average price of $26.76. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -11.46 and a beta of 1.50.

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.