Rapport Therapeutics (NASDAQ:RAPP) Hits New 1-Year High – What’s Next?

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $44.28 and last traded at $42.80, with a volume of 12085 shares trading hands. The stock had previously closed at $42.13.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RAPP shares. Citigroup reissued a “market outperform” rating on shares of Rapport Therapeutics in a report on Tuesday, June 2nd. Leerink Partners assumed coverage on shares of Rapport Therapeutics in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $52.00 price target on the stock. William Blair assumed coverage on shares of Rapport Therapeutics in a research report on Tuesday. They set an “outperform” rating on the stock. Truist Financial began coverage on shares of Rapport Therapeutics in a research report on Monday, May 18th. They set a “buy” rating and a $56.00 price target on the stock. Finally, BTIG Research reissued a “buy” rating and issued a $65.00 price objective on shares of Rapport Therapeutics in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Rapport Therapeutics Stock Up 1.8%

The stock has a 50 day moving average price of $38.90 and a 200 day moving average price of $33.66. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -16.49 and a beta of 0.94.

Rapport Therapeutics (NASDAQ:RAPP) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.14. The business had revenue of $20.00 million for the quarter, compared to analyst estimates of $7.50 million. Sell-side analysts forecast that Rapport Therapeutics, Inc. will post -3.33 earnings per share for the current fiscal year.

Insider Activity at Rapport Therapeutics

In other news, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $40.05, for a total value of $743,808.60. Following the completion of the sale, the insider owned 6,280,525 shares of the company’s stock, valued at approximately $251,535,026.25. This represents a 0.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 428,703 shares of company stock valued at $17,215,252. Insiders own 12.48% of the company’s stock.

Hedge Funds Weigh In On Rapport Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 acquiring an additional 4,582 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Rapport Therapeutics during the 1st quarter worth approximately $2,039,000. Rhumbline Advisers lifted its position in shares of Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock worth $144,000 after purchasing an additional 4,109 shares during the period. Geode Capital Management LLC boosted its stake in shares of Rapport Therapeutics by 5.5% in the 2nd quarter. Geode Capital Management LLC now owns 333,159 shares of the company’s stock valued at $3,789,000 after purchasing an additional 17,496 shares during the last quarter. Finally, Creative Planning bought a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at $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.