Rapport Therapeutics (NASDAQ:RAPP) Reaches New 52-Week High – Here’s What Happened

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) reached a new 52-week high on Thursday . The stock traded as high as $44.38 and last traded at $44.33, with a volume of 39808 shares traded. The stock had previously closed at $42.44.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RAPP. Raymond James Financial assumed coverage on shares of Rapport Therapeutics in a research report on Friday, April 10th. They set a “strong-buy” rating and a $66.00 price target on the stock. BTIG Research reaffirmed a “buy” rating and set a $65.00 price objective on shares of Rapport Therapeutics in a research report on Wednesday. William Blair assumed coverage on Rapport Therapeutics in a research note on Tuesday, July 28th. They issued an “outperform” rating on the stock. Leerink Partners assumed coverage on shares of Rapport Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target on the stock. Finally, Truist Financial initiated coverage on Rapport Therapeutics in a report on Monday, May 18th. They issued a “buy” rating and a $56.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Rapport Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Rapport Therapeutics Stock Up 5.2%

The firm has a market cap of $2.13 billion, a P/E ratio of -17.18 and a beta of 0.97. The business’s 50 day moving average is $39.52 and its two-hundred day moving average is $34.34.

Rapport Therapeutics (NASDAQ:RAPP) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.01). Equities research analysts anticipate that Rapport Therapeutics, Inc. will post -3.26 EPS for the current year.

Insider Buying and Selling

In other news, CEO Abraham Ceesay sold 2,210 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $42.11, for a total transaction of $93,063.10. Following the completion of the sale, the chief executive officer owned 537,607 shares of the company’s stock, valued at $22,638,630.77. This trade represents a 0.41% decrease in their position. The sale was disclosed in a 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 business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $40.05, for a total transaction of $743,808.60. Following the transaction, the insider owned 6,280,525 shares in the company, valued at $251,535,026.25. The trade was a 0.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 159,418 shares of company stock valued at $6,415,936. 12.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rapport Therapeutics

A number of large investors have recently bought and sold shares of the stock. Johnson & Johnson acquired a new position in shares of Rapport Therapeutics during the second quarter valued at about $74,360,823,000. Walleye Capital LLC acquired a new stake in Rapport Therapeutics in the second quarter valued at approximately $4,257,000. Bank of America Corp DE increased its holdings in shares of Rapport Therapeutics by 220.7% during the first quarter. Bank of America Corp DE now owns 110,826 shares of the company’s stock valued at $3,468,000 after acquiring an additional 76,273 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Rapport Therapeutics by 25.2% during the first quarter. California State Teachers Retirement System now owns 33,426 shares of the company’s stock worth $1,046,000 after purchasing an additional 6,736 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Rapport Therapeutics by 68.7% in the 1st quarter. Sei Investments Co. now owns 30,819 shares of the company’s stock worth $964,000 after purchasing an additional 12,551 shares in the last quarter.

Rapport Therapeutics Company Profile

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.