Rapt Therapeutics (NASDAQ:RAPT) Cut to Equal Weight at Barclays

Barclays downgraded shares of Rapt Therapeutics (NASDAQ:RAPT) from an overweight rating to an equal weight rating in a research note released on Wednesday, MarketBeat Ratings reports. The brokerage currently has $58.00 price target on the stock.

A number of other research firms have also commented on RAPT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapt Therapeutics in a research note on Wednesday, October 8th. Leerink Partners upgraded shares of Rapt Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $16.00 to $37.00 in a report on Friday, September 26th. Guggenheim downgraded shares of Rapt Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Rapt Therapeutics from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Finally, Piper Sandler cut shares of Rapt Therapeutics from an “overweight” rating to a “neutral” rating and set a $58.00 price objective on the stock. in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.44.

Rapt Therapeutics Stock Down 0.0%

RAPT opened at $57.63 on Wednesday. The firm has a market cap of $1.60 billion, a PE ratio of -5.21 and a beta of 0.45. The business has a fifty day simple moving average of $35.05 and a 200-day simple moving average of $24.54. Rapt Therapeutics has a fifty-two week low of $5.67 and a fifty-two week high of $57.71.

Rapt Therapeutics (NASDAQ:RAPT) last announced its earnings results on Thursday, November 6th. The company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.23. On average, equities research analysts anticipate that Rapt Therapeutics will post -2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Rapt Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. acquired a new stake in shares of Rapt Therapeutics during the 3rd quarter valued at $3,625,000. SummitTX Capital L.P. acquired a new stake in Rapt Therapeutics during the third quarter valued at $2,370,000. Velan Capital Investment Management LP acquired a new stake in Rapt Therapeutics during the third quarter valued at $2,063,000. Ameriprise Financial Inc. purchased a new position in Rapt Therapeutics in the third quarter valued at about $1,326,000. Finally, Susquehanna International Group LLP increased its position in Rapt Therapeutics by 173.4% in the 3rd 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 last quarter. Hedge funds and other institutional investors own 99.09% of the company’s stock.

Rapt Therapeutics Company Profile

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.