Leerink Partners Initiates Coverage on Rapport Therapeutics (NASDAQ:RAPP)

Investment analysts at Leerink Partners assumed coverage on shares of Rapport Therapeutics (NASDAQ:RAPP) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm set an “outperform” rating and a $52.00 price target on the stock. Leerink Partners’ target price would suggest a potential upside of 33.74% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Citigroup reiterated a “market outperform” rating on shares of Rapport Therapeutics in a report on Tuesday, June 2nd. Truist Financial initiated coverage on Rapport Therapeutics in a report on Monday, May 18th. They issued a “buy” rating and a $56.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Tuesday, April 21st. Wells Fargo & Company lifted their target price on Rapport Therapeutics from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 11th. Finally, BTIG Research increased their price objective on shares of Rapport Therapeutics from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rapport Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Rapport Therapeutics Stock Up 1.8%

Shares of RAPP stock opened at $38.88 on Wednesday. The stock has a market cap of $1.86 billion, a P/E ratio of -14.95 and a beta of 0.97. Rapport Therapeutics has a fifty-two week low of $10.85 and a fifty-two week high of $42.27. The business has a fifty day simple moving average of $37.00 and a 200-day simple moving average of $31.80.

Rapport Therapeutics (NASDAQ:RAPP) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.14. The business had revenue of $20.00 million during the quarter, compared to analysts’ expectations of $7.50 million. On average, sell-side analysts anticipate that Rapport Therapeutics will post -3.25 earnings per share for the current year.

Insider Transactions at Rapport Therapeutics

In related news, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $40.05, for a total value of $743,808.60. Following the completion of the sale, the insider owned 6,280,525 shares of the company’s stock, valued at $251,535,026.25. This represents a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Krishnaswamy Yeleswaram sold 20,225 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $39.99, for a total transaction of $808,797.75. Following the completion of the sale, the insider directly owned 246,426 shares of the company’s stock, valued at approximately $9,854,575.74. This represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 895,158 shares of company stock worth $35,908,941. Company insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

A number of hedge funds have recently modified their holdings of RAPP. KBC Group NV acquired a new stake in Rapport Therapeutics during the 1st quarter worth about $30,000. Meeder Asset Management Inc. purchased a new stake in shares of Rapport Therapeutics in the 4th quarter valued at approximately $37,000. Russell Investments Group Ltd. acquired a new position in Rapport Therapeutics in the 3rd quarter worth approximately $43,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rapport Therapeutics by 64.1% in the 4th 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, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Rapport Therapeutics by 86.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company’s stock worth $99,000 after purchasing an additional 4,582 shares in the last quarter.

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.