Rapt Therapeutics (NASDAQ:RAPT) Sees Significant Decline in Short Interest

Rapt Therapeutics (NASDAQ:RAPT) was the recipient of a significant decrease in short interest in the month of February. As of February 13th, there was short interest totaling 2,242,149 shares, a decrease of 30.5% from the January 29th total of 3,224,474 shares. Currently, 8.7% of the shares of the stock are sold short. Based on an average daily volume of 6,988,954 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily volume of 6,988,954 shares, the days-to-cover ratio is currently 0.3 days. Currently, 8.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RAPT shares. Piper Sandler cut Rapt Therapeutics from an “overweight” rating to a “neutral” rating and set a $58.00 price objective for the company. in a report on Tuesday, January 20th. Guggenheim cut Rapt Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 20th. Clear Str lowered Rapt Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. TD Cowen lowered shares of Rapt Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Rapt Therapeutics from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $48.44.

Institutional Investors Weigh In On Rapt Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rapt Therapeutics during the 4th quarter worth about $46,000. ADAR1 Capital Management LLC lifted its holdings in Rapt Therapeutics by 0.4% in the fourth quarter. ADAR1 Capital Management LLC now owns 509,679 shares of the company’s stock valued at $17,263,000 after acquiring an additional 1,908 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in Rapt Therapeutics in the 4th quarter worth approximately $153,000. Bridgeway Capital Management LLC grew its stake in shares of Rapt Therapeutics by 32.0% during the 3rd quarter. Bridgeway Capital Management LLC now owns 20,625 shares of the company’s stock worth $532,000 after purchasing an additional 5,000 shares during the period. Finally, Bank of Nova Scotia acquired a new position in shares of Rapt Therapeutics in the 4th quarter valued at $227,000. 99.09% of the stock is currently owned by hedge funds and other institutional investors.

Rapt Therapeutics Stock Up 0.0%

Shares of Rapt Therapeutics stock traded up $0.02 on Friday, reaching $57.98. The stock had a trading volume of 902,488 shares, compared to its average volume of 4,145,211. The stock has a market capitalization of $1.61 billion, a P/E ratio of -5.24 and a beta of 0.47. The company has a 50 day moving average price of $47.72 and a 200 day moving average price of $32.87. Rapt Therapeutics has a 1 year low of $5.67 and a 1 year high of $57.99.

About Rapt Therapeutics

RAPT Therapeutics, Inc (NASDAQ:RAPT) is a clinical-stage biotechnology company developing novel therapeutics for autoimmune and allergic diseases. Founded in 2013 and headquartered in San Diego, California, RAPT applies tissue-selective immunology to design small molecule and biologic candidates that modulate immune cell trafficking and tissue-resident pathways. The company’s research platform enables the identification of targets that drive tissue inflammation with the goal of achieving improved efficacy and safety profiles over current therapies.

The company’s lead asset, RPT193, is an orally available antagonist of the CC chemokine receptor 4 (CCR4), currently in clinical development for atopic dermatitis and allergic asthma.