Sofinnova Investments Inc. Sells 43,171 Shares of Rapport Therapeutics, Inc. $RAPP

Sofinnova Investments Inc. lowered its stake in Rapport Therapeutics, Inc. (NASDAQ:RAPP) by 2.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,904,408 shares of the company’s stock after selling 43,171 shares during the period. Rapport Therapeutics accounts for about 2.4% of Sofinnova Investments Inc.’s holdings, making the stock its 12th biggest holding. Sofinnova Investments Inc.’s holdings in Rapport Therapeutics were worth $57,780,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Rapport Therapeutics by 64.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,316 shares of the company’s stock worth $70,000 after purchasing an additional 905 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Rapport Therapeutics during the fourth quarter worth $37,000. Creative Planning increased its holdings in shares of Rapport Therapeutics by 12.8% in the third quarter. Creative Planning now owns 11,959 shares of the company’s stock valued at $355,000 after purchasing an additional 1,357 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Rapport Therapeutics in the third quarter valued at $43,000. Finally, Two Sigma Investments LP increased its holdings in shares of Rapport Therapeutics by 8.9% in the third quarter. Two Sigma Investments LP now owns 21,500 shares of the company’s stock valued at $639,000 after purchasing an additional 1,757 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently commented on RAPP. Truist Financial began coverage on shares of Rapport Therapeutics in a research note on Monday, May 18th. They issued a “buy” rating and a $56.00 price target on the stock. TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a research note on Monday, March 9th. Wall Street Zen raised shares of Rapport Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Wells Fargo & Company increased their target price on shares of Rapport Therapeutics from $43.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, March 11th. Finally, Raymond James Financial began coverage on shares of Rapport Therapeutics in a report on Friday, April 10th. They issued a “strong-buy” rating and a $66.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.83.

Insider Activity at Rapport Therapeutics

In other Rapport Therapeutics news, major shareholder Rock Ventures V. L.P. Third sold 426,005 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $40.32, for a total transaction of $17,176,521.60. Following the completion of the sale, the insider owned 6,709,228 shares in the company, valued at approximately $270,516,072.96. The trade was a 5.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Krishnaswamy Yeleswaram sold 20,225 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $39.99, for a total transaction of $808,797.75. Following the sale, the insider owned 246,426 shares of the company’s stock, valued at $9,854,575.74. This trade represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 895,158 shares of company stock worth $35,908,941. Corporate insiders own 12.48% of the company’s stock.

Rapport Therapeutics Stock Performance

Rapport Therapeutics stock opened at $38.26 on Tuesday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -14.72 and a beta of 0.97. Rapport Therapeutics, Inc. has a 52-week low of $10.51 and a 52-week high of $42.27. The firm has a 50 day moving average price of $36.49 and a two-hundred day moving average price of $31.42.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.14. The company had revenue of $20.00 million for the quarter, compared to analyst estimates of $7.50 million. As a group, equities research analysts predict that Rapport Therapeutics, Inc. will post -3.08 EPS for the current fiscal year.

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.