Rapport Therapeutics (NASDAQ:RAPP) Stock Price Up 5.4% – Time to Buy?

Rapport Therapeutics, Inc. (NASDAQ:RAPP)’s stock price shot up 5.4% during mid-day trading on Friday . The company traded as high as $41.10 and last traded at $42.09. Approximately 30,549 shares were traded during trading, a decline of 91% from the average daily volume of 355,580 shares. The stock had previously closed at $39.93.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RAPP. Truist Financial started coverage on Rapport Therapeutics in a report on Monday, May 18th. They issued a “buy” rating and a $56.00 price objective for the company. Leerink Partners initiated coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 target price for the company. Raymond James Financial initiated coverage on Rapport Therapeutics in a report on Friday, April 10th. They set a “strong-buy” rating and a $66.00 target price on the stock. Citigroup restated a “market outperform” rating on shares of Rapport Therapeutics in a research report on Tuesday, June 2nd. Finally, Wall Street Zen raised Rapport Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Rapport Therapeutics Trading Up 5.3%

The company’s 50-day moving average is $38.33 and its 200-day moving average is $33.05. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -16.15 and a beta of 0.94.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.14. The firm had revenue of $20.00 million for the quarter, compared to analyst estimates of $7.50 million. Equities research analysts forecast that Rapport Therapeutics, Inc. will post -3.25 EPS for the current year.

Insider Activity

In other news, major shareholder Rock Ventures V. L.P. Third sold 271,495 shares of Rapport Therapeutics stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $40.12, for a total value of $10,892,379.40. Following the transaction, the insider owned 6,437,733 shares in the company, valued at approximately $258,281,847.96. This trade represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 428,703 shares of company stock valued at $17,215,252. Company insiders own 12.48% of the company’s stock.

Institutional Trading of Rapport Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rapport Therapeutics by 86.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company’s stock valued at $99,000 after buying an additional 4,582 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in Rapport Therapeutics during the first quarter worth about $2,039,000. Rhumbline Advisers lifted its holdings in shares of Rapport Therapeutics by 40.1% in the first quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock worth $144,000 after acquiring an additional 4,109 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rapport Therapeutics by 5.5% in the second quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock worth $3,789,000 after acquiring an additional 17,496 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at approximately $121,000.

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.