Rapport Therapeutics (NASDAQ:RAPP) Posts Quarterly Earnings Results, Beats Estimates By $0.36 EPS

Rapport Therapeutics (NASDAQ:RAPP) posted its quarterly earnings results on Wednesday. The company reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($1.20) by $0.36, FiscalAI reports.

Rapport Therapeutics Stock Up 2.1%

Shares of NASDAQ RAPP traded up $0.53 during trading hours on Wednesday, reaching $25.97. 606,540 shares of the stock traded hands, compared to its average volume of 463,544. Rapport Therapeutics has a 52-week low of $22.06 and a 52-week high of $52.93. The company’s 50-day simple moving average is $35.76 and its two-hundred day simple moving average is $35.55. The company has a market capitalization of $1.25 billion, a P/E ratio of -8.56 and a beta of 1.40.

Insider Activity at Rapport Therapeutics

In other Rapport Therapeutics news, COO Cheryl Gault sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $33.19, for a total value of $331,900.00. Following the sale, the chief operating officer owned 139,914 shares of the company’s stock, valued at $4,643,745.66. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven M. Paul bought 35,714 shares of the business’s stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average cost of $27.28 per share, for a total transaction of $974,277.92. Following the completion of the purchase, the director directly owned 77,380 shares of the company’s stock, valued at $2,110,926.40. The trade was a 85.71% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have purchased 1,031,174 shares of company stock worth $22,023,898 and have sold 97,976 shares worth $4,391,729. 12.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RAPP has been the topic of several recent research reports. TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a report on Tuesday, October 20th. Citigroup reiterated an “outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, October 20th. HC Wainwright reiterated a “buy” rating and set a $66.00 price objective on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. UBS Group initiated coverage on Rapport Therapeutics in a report on Thursday, October 15th. They set a “buy” rating and a $71.00 price objective on the stock. Finally, JonesTrading raised their target price on Rapport Therapeutics from $50.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rapport Therapeutics has an average rating of “Buy” and a consensus target price of $67.18.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.