Rapport Therapeutics (NASDAQ:RAPP) Reaches New 1-Year High on Analyst Upgrade

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares hit a new 52-week high during mid-day trading on Wednesday after HC Wainwright raised their price target on the stock from $40.00 to $66.00. HC Wainwright currently has a buy rating on the stock. Rapport Therapeutics traded as high as $48.94 and last traded at $48.82, with a volume of 425313 shares trading hands. The stock had previously closed at $46.98.

A number of other brokerages have also weighed in on RAPP. Truist Financial began coverage on Rapport Therapeutics in a research note on Monday, May 18th. They issued a “buy” rating and a $56.00 target price for the company. BTIG Research reissued a “buy” rating and set a $65.00 price objective on shares of Rapport Therapeutics in a report on Wednesday, August 5th. Citigroup restated a “market outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, June 2nd. Leerink Partners initiated coverage on shares of Rapport Therapeutics in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 target price for the company. Finally, William Blair began coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Rapport Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.57.

Insider Buying and Selling at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer owned 486,108 shares in the company, valued at $23,338,045.08. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $40.05, for a total value of $743,808.60. Following the transaction, the insider directly owned 6,280,525 shares in the company, valued at $251,535,026.25. This trade represents a 0.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 72,281 shares of company stock valued at $3,269,892 over the last three months. Insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Rapport Therapeutics by 86.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company’s stock worth $99,000 after buying an additional 4,582 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of Rapport Therapeutics in the 1st quarter valued at about $2,039,000. Rhumbline Advisers raised its position in shares of Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock valued at $144,000 after acquiring an additional 4,109 shares during the period. Geode Capital Management LLC raised its position in shares of Rapport Therapeutics by 5.5% in the 2nd quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock valued at $3,789,000 after acquiring an additional 17,496 shares during the period. Finally, Creative Planning bought a new position in Rapport Therapeutics during the 2nd quarter worth approximately $121,000.

Rapport Therapeutics Trading Down 0.8%

The firm has a market cap of $2.27 billion, a P/E ratio of -15.58 and a beta of 0.97. The firm’s 50 day moving average is $40.66 and its two-hundred day moving average is $35.20.

Rapport Therapeutics (NASDAQ:RAPP) last issued 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). Analysts predict that Rapport Therapeutics, Inc. will post -4.09 EPS for the current fiscal year.

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.