Rapport Therapeutics (NASDAQ:RAPP) Sets New 12-Month High – Here’s What Happened

Rapport Therapeutics, Inc. (NASDAQ:RAPP)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $48.94 and last traded at $48.82, with a volume of 425313 shares traded. The stock had previously closed at $46.98.

Analyst Upgrades and Downgrades

RAPP has been the subject of a number of research reports. BTIG Research reiterated a “buy” rating and issued a $65.00 price target on shares of Rapport Therapeutics in a report on Wednesday, August 5th. Leerink Partners assumed coverage on Rapport Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $52.00 price objective on the stock. Wall Street Zen lowered Rapport Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a research report on Friday, July 17th. Finally, William Blair started coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.86.

Rapport Therapeutics Stock Performance

The firm has a market cap of $2.34 billion, a P/E ratio of -16.06 and a beta of 0.97. The firm’s fifty day moving average price is $40.25 and its 200 day moving average price is $34.91.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.07). As a group, analysts expect 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 2,210 shares of Rapport Therapeutics stock in a transaction on Monday, July 27th. The stock was sold at an average price of $42.11, for a total value of $93,063.10. Following the transaction, the chief executive officer directly owned 537,607 shares in the company, valued at approximately $22,638,630.77. This trade represents a 0.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Rock Ventures V. L.P. Third sold 18,572 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 6,280,525 shares of the company’s stock, valued at approximately $251,535,026.25. The trade was a 0.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 12.48% of the company’s stock.

Institutional Investors Weigh In On Rapport Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 worth $99,000 after purchasing an additional 4,582 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Rapport Therapeutics during the first quarter valued at about $2,039,000. Rhumbline Advisers boosted its holdings in shares of Rapport Therapeutics by 40.1% in the 1st quarter. Rhumbline Advisers now owns 14,358 shares of the company’s stock valued at $144,000 after buying an additional 4,109 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 buying an additional 17,496 shares in the last quarter. Finally, Creative Planning purchased a new position in shares of Rapport Therapeutics in the 2nd quarter worth 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.