Rapport Therapeutics (NASDAQ:RAPP) Given New $64.00 Price Target at UBS Group

Rapport Therapeutics (NASDAQ:RAPP) had its price target trimmed by UBS Group from $71.00 to $64.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also issued reports on RAPP. Raymond James Financial set a $73.00 target price on Rapport Therapeutics in a research report on Wednesday. BTIG Research raised their price target on Rapport Therapeutics from $75.00 to $89.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. Wall Street Zen cut Rapport Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapport Therapeutics in a research note on Thursday, October 15th. Finally, TD Cowen reiterated a “buy” rating on shares of Rapport Therapeutics in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $65.91.

Rapport Therapeutics Stock Performance

Rapport Therapeutics stock opened at $23.72 on Thursday. The company’s 50 day simple moving average is $34.68 and its 200-day simple moving average is $35.53. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.48 and a beta of 1.40. Rapport Therapeutics has a 1 year low of $22.06 and a 1 year high of $52.93.

Rapport Therapeutics (NASDAQ:RAPP) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($0.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.36. Equities analysts expect that Rapport Therapeutics will post -4.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Abraham Ceesay sold 28,958 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $48.01, for a total value of $1,390,273.58. Following the completion of the transaction, the chief executive officer owned 486,108 shares of the company’s stock, valued at approximately $23,338,045.08. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven M. Paul acquired 35,714 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average price of $27.28 per share, with a total value of $974,277.92. Following the acquisition, the director directly owned 77,380 shares of the company’s stock, valued at approximately $2,110,926.40. This represents a 85.71% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 1,031,174 shares of company stock valued at $22,023,898 and have sold 97,976 shares valued at $4,391,729. 12.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rapport Therapeutics

Institutional investors have recently modified their holdings of the business. Alps Advisors Inc. increased its holdings in Rapport Therapeutics by 31.8% during the 3rd quarter. Alps Advisors Inc. now owns 63,565 shares of the company’s stock worth $2,136,000 after purchasing an additional 15,322 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rapport Therapeutics in the 3rd quarter valued at about $82,000. Profund Advisors LLC raised its position in Rapport Therapeutics by 420.8% in the 3rd quarter. Profund Advisors LLC now owns 33,112 shares of the company’s stock valued at $1,113,000 after purchasing an additional 26,754 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Rapport Therapeutics by 40.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,154 shares of the company’s stock valued at $500,000 after purchasing an additional 4,342 shares in the last quarter. Finally, Sigma Planning Corp purchased a new position in shares of Rapport Therapeutics in the 3rd quarter valued at about $1,008,000.

About Rapport Therapeutics

Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for central nervous system disorders. The company’s approach is designed to selectively target receptor-associated proteins that regulate synaptic receptors, with the goal of improving therapeutic selectivity and reducing the side effects associated with broader-acting neurological medicines.

Rapport’s lead product candidate, RAP-219, is an orally administered small molecule being developed for neurological conditions, including focal epilepsy.