Rapport Therapeutics (NASDAQ:RAPP) Price Target Raised to $75.00

Rapport Therapeutics (NASDAQ:RAPP) had its target price raised by BTIG Research from $65.00 to $75.00 in a report released on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on the company. UBS Group reiterated a “strong-buy” rating on shares of Rapport Therapeutics in a report on Monday, August 17th. Raymond James Financial restated a “strong-buy” rating and issued a $75.00 price target on shares of Rapport Therapeutics in a report on Monday, August 17th. Leerink Partners began coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price target on the stock. Citigroup reiterated a “market outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, June 2nd. Finally, Wall Street Zen downgraded shares of Rapport Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $64.29.

Rapport Therapeutics Stock Performance

RAPP opened at $40.45 on Wednesday. The firm’s fifty day moving average is $44.86 and its two-hundred day moving average is $38.55. The firm has a market cap of $1.94 billion, a PE ratio of -13.31 and a beta of 1.02. Rapport Therapeutics has a twelve month low of $23.75 and a twelve month high of $52.93.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($0.07). Equities analysts forecast that Rapport Therapeutics will post -4.09 EPS for the current fiscal year.

Insider Buying and Selling at Rapport Therapeutics

In other news, CEO Abraham Ceesay sold 28,958 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total value of $1,390,273.58. Following the sale, the chief executive officer directly owned 486,108 shares of the company’s stock, valued at approximately $23,338,045.08. This represents a 5.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 81,244 shares of company stock worth $3,858,615. 12.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rapport Therapeutics

Several hedge funds have recently added to or reduced their stakes in RAPP. Engineers Gate Manager LP bought a new position in shares of Rapport Therapeutics in the second quarter valued at about $888,000. Wellington Management Group LLP raised its holdings in Rapport Therapeutics by 11.2% in the 2nd quarter. Wellington Management Group LLP now owns 86,988 shares of the company’s stock valued at $3,625,000 after acquiring an additional 8,757 shares during the period. Artia Global Partners LP bought a new stake in shares of Rapport Therapeutics during the second quarter worth approximately $5,772,000. Bank of America Corp DE acquired a new position in shares of Rapport Therapeutics in the second quarter valued at approximately $3,170,000. Finally, Jupiter Topco LLC bought a new position in shares of Rapport Therapeutics during the second quarter worth approximately $574,000.

About Rapport Therapeutics

Rapport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for disorders of the central nervous system. The company’s research centers on receptor-associated proteins, which help regulate neurotransmitter receptors and may provide opportunities to develop more selective therapies than those that target receptors broadly.

Rapport’s lead development program, RAP-219, is an orally administered investigational therapy designed to modulate AMPA receptors through their associated proteins.