Rapport Therapeutics (NASDAQ:RAPP) Releases Earnings Results, Beats Expectations By $0.36 EPS

Rapport Therapeutics (NASDAQ:RAPP) released its quarterly earnings results on Wednesday. The company reported ($0.84) EPS for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.36, FiscalAI reports.

Rapport Therapeutics Stock Up 2.0%

Shares of RAPP stock traded up $0.51 during trading on Wednesday, reaching $25.95. The company’s stock had a trading volume of 645,319 shares, compared to its average volume of 463,735. The business has a fifty day moving average price of $35.76 and a 200-day moving average price of $35.55. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -8.54 and a beta of 1.40. Rapport Therapeutics has a one year low of $22.06 and a one year high of $52.93.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RAPP. JonesTrading boosted their price objective on Rapport Therapeutics from $50.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. TD Cowen restated a “buy” rating on shares of Rapport Therapeutics in a report on Tuesday, October 20th. UBS Group began coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They issued a “buy” rating and a $71.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of Rapport Therapeutics from $51.00 to $50.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Finally, HC Wainwright reissued a “buy” rating and set a $66.00 price objective on shares of Rapport Therapeutics in a research report on Tuesday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $67.18.

Insiders Place Their Bets

In other Rapport Therapeutics news, Director John Maraganore bought 9,411 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average price of $26.45 per share, with a total value of $248,920.95. Following the completion of the transaction, the director owned 9,411 shares in the company, valued at approximately $248,920.95. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Healy purchased 969,480 shares of the stock in a transaction on Wednesday, October 28th. The stock was acquired at an average price of $21.00 per share, for a total transaction of $20,359,080.00. Following the completion of the purchase, the director directly owned 2,815,707 shares in the company, valued at approximately $59,129,847. The trade was a 52.51% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,031,174 shares of company stock valued at $22,023,898 and have sold 97,976 shares valued at $4,391,729. 12.48% of the stock is currently owned by company insiders.

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.