Rapport Therapeutics (NASDAQ:RAPP) Sees Large Volume Increase on Analyst Upgrade

Rapport Therapeutics, Inc. (NASDAQ:RAPP) shares saw unusually-high trading volume on Tuesday after HC Wainwright raised their price target on the stock from $31.00 to $34.00. HC Wainwright currently has a buy rating on the stock. Approximately 457,117 shares traded hands during mid-day trading, an increase of 67% from the previous session’s volume of 274,396 shares.The stock last traded at $28.87 and had previously closed at $31.47.

Separately, JMP Securities reissued a “market outperform” rating and issued a $28.00 price objective on shares of Rapport Therapeutics in a report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $31.00.

Insider Activity

In other news, insider David Bredt sold 8,500 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $15.00, for a total value of $127,500.00. Following the transaction, the insider owned 426,642 shares of the company’s stock, valued at approximately $6,399,630. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 25,500 shares of company stock valued at $365,500 over the last quarter. Insiders own 13.57% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RAPP. Deutsche Bank AG acquired a new position in shares of Rapport Therapeutics in the fourth quarter valued at approximately $41,000. Corebridge Financial Inc. increased its holdings in shares of Rapport Therapeutics by 79.1% in the first quarter. Corebridge Financial Inc. now owns 8,271 shares of the company’s stock valued at $83,000 after purchasing an additional 3,653 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Rapport Therapeutics by 38.9% in the fourth quarter. Wells Fargo & Company MN now owns 4,824 shares of the company’s stock valued at $86,000 after purchasing an additional 1,352 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of 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 purchasing an additional 4,582 shares during the period. Finally, Catalyst Private Wealth LLC purchased a new stake in shares of Rapport Therapeutics in the first quarter valued at approximately $100,000.

Rapport Therapeutics Price Performance

The stock has a market capitalization of $1.02 billion, a PE ratio of -11.21 and a beta of 0.73. The stock has a 50 day moving average of $15.42 and a two-hundred day moving average of $12.14.

Rapport Therapeutics (NASDAQ:RAPP) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.12. As a group, research analysts predict that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current fiscal year.

Rapport Therapeutics Company Profile

Rapport Therapeutics Inc is a clinical-stage biotechnology company. It focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders. Rapport Therapeutics Inc is based in BOSTON.