Rapt Therapeutics (NASDAQ:RAPT) Trading Down 4% – Should You Sell?

Rapt Therapeutics (NASDAQ:RAPT)’s stock price traded down 4% during mid-day trading on Tuesday . The company traded as low as $34.62 and last traded at $34.42. 109,526 shares were traded during trading, a decline of 50% from the average session volume of 220,013 shares. The stock had previously closed at $35.84.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RAPT shares. Wells Fargo & Company set a $72.00 price objective on shares of Rapt Therapeutics and gave the company an “overweight” rating in a report on Monday, November 3rd. Barclays decreased their price target on shares of Rapt Therapeutics from $58.00 to $56.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. Leerink Partners raised Rapt Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $37.00 in a research report on Friday, September 26th. Guggenheim started coverage on Rapt Therapeutics in a research note on Monday, October 27th. They issued a “buy” rating and a $70.00 price objective on the stock. Finally, HC Wainwright lifted their target price on Rapt Therapeutics from $27.00 to $72.00 and gave the company a “buy” rating in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rapt Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $50.50.

Rapt Therapeutics Price Performance

The stock has a market cap of $938.59 million, a price-to-earnings ratio of -3.08 and a beta of 0.43. The business’s 50 day moving average is $31.74 and its 200 day moving average is $20.73.

Rapt Therapeutics (NASDAQ:RAPT) last posted its earnings results on Thursday, November 6th. The company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.88) by $0.23. As a group, analysts forecast that Rapt Therapeutics will post -2.14 earnings per share for the current year.

Hedge Funds Weigh In On Rapt Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in RAPT. Comerica Bank grew its stake in shares of Rapt Therapeutics by 53.9% in the 1st quarter. Comerica Bank now owns 89,327 shares of the company’s stock valued at $109,000 after purchasing an additional 31,287 shares during the last quarter. Boone Capital Management LLC purchased a new stake in shares of Rapt Therapeutics during the third quarter worth approximately $20,180,000. Velan Capital Investment Management LP acquired a new stake in shares of Rapt Therapeutics during the third quarter worth $2,063,000. Susquehanna International Group LLP lifted its holdings in shares of Rapt Therapeutics by 173.4% during the third quarter. Susquehanna International Group LLP now owns 45,382 shares of the company’s stock worth $1,170,000 after purchasing an additional 28,782 shares during the period. Finally, Millennium Management LLC grew its position in Rapt Therapeutics by 75.2% in the 3rd quarter. Millennium Management LLC now owns 39,278 shares of the company’s stock valued at $1,013,000 after buying an additional 16,854 shares during the last quarter. Hedge funds and other institutional investors own 99.09% of the company’s stock.

About Rapt Therapeutics

RAPT Therapeutics, Inc (NASDAQ:RAPT) is a clinical-stage biotechnology company developing novel therapeutics for autoimmune and allergic diseases. Founded in 2013 and headquartered in San Diego, California, RAPT applies tissue-selective immunology to design small molecule and biologic candidates that modulate immune cell trafficking and tissue-resident pathways. The company’s research platform enables the identification of targets that drive tissue inflammation with the goal of achieving improved efficacy and safety profiles over current therapies.

The company’s lead asset, RPT193, is an orally available antagonist of the CC chemokine receptor 4 (CCR4), currently in clinical development for atopic dermatitis and allergic asthma.