Rapport Therapeutics (NASDAQ:RAPP) Stock Falls 6.4% – Here’s What Happened

Shares of Rapport Therapeutics, Inc. (NASDAQ:RAPP) dropped 6.4% on Tuesday. The stock traded as low as $30.50 and last traded at $30.1250. Approximately 58,943 shares were traded during trading, a decline of 83% from the average session volume of 356,089 shares. The stock had previously closed at $32.19.

Wall Street Analysts Forecast Growth

RAPP has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Friday, July 17th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Rapport Therapeutics in a report on Tuesday, September 22nd. William Blair initiated coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating on the stock. UBS Group set a $80.00 target price on Rapport Therapeutics in a research report on Wednesday, September 23rd. Finally, Leerink Partners started coverage on Rapport Therapeutics in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $66.11.

Rapport Therapeutics Stock Performance

The business has a 50 day simple moving average of $42.99 and a 200-day simple moving average of $39.10. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -10.15 and a beta of 1.22.

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

Insider Buying and Selling

In other news, CEO Abraham Ceesay sold 28,958 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $48.01, for a total transaction of $1,390,273.58. Following the completion of the sale, the chief executive officer owned 486,108 shares in the company, valued at $23,338,045.08. This represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Cheryl Gault sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $33.19, for a total transaction of $331,900.00. Following the transaction, the chief operating officer owned 139,914 shares of the company’s stock, valued at approximately $4,643,745.66. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 93,454 shares of company stock worth $4,277,081 in the last 90 days. 12.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapport Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. TRV GP V LLC acquired a new position in shares of Rapport Therapeutics in the second quarter worth $261,709,477. ARCH Venture Management LLC acquired a new stake in shares of Rapport Therapeutics in the second quarter worth approximately $155,376,512. BlackRock Inc. acquired a new position in shares of Rapport Therapeutics in the 2nd quarter valued at $112,500,000. Goldman Sachs Group Inc. boosted its holdings in Rapport Therapeutics by 23.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,001,879 shares of the company’s stock valued at $91,077,000 after acquiring an additional 579,903 shares during the last quarter. Finally, Johnson & Johnson purchased a new stake in shares of Rapport Therapeutics during the 2nd quarter worth about $74,360,823.

Rapport Therapeutics Company Profile

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its proprietary RAP platform to identify and target synaptic receptor-associated proteins, which can influence the activity, distribution and function of receptors involved in the central nervous system.

Rapport’s lead clinical program is relutrigine, also known as RAP-219, an orally administered small-molecule therapy being developed for focal epilepsy.