Rapport Therapeutics (NASDAQ:RAPP) Announces Quarterly Earnings Results

Rapport Therapeutics (NASDAQ:RAPP) announced its quarterly earnings data on Wednesday. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.20) by $0.36, FiscalAI reports.

Rapport Therapeutics Trading Up 2.0%

Shares of Rapport Therapeutics stock traded up $0.48 during trading on Friday, hitting $24.20. 453,060 shares of the stock traded hands, compared to its average volume of 466,376. The firm has a market cap of $1.16 billion, a P/E ratio of -7.63 and a beta of 1.40. Rapport Therapeutics has a 52-week low of $22.06 and a 52-week high of $52.93. The stock’s fifty day simple moving average is $34.68 and its 200 day simple moving average is $35.53.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RAPP. BTIG Research lifted their price objective on shares of Rapport Therapeutics from $75.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, October 20th. Wolfe Research initiated coverage on shares of Rapport Therapeutics in a research note on Thursday, October 15th. They issued an “outperform” rating and a $50.00 target price on the stock. William Blair assumed coverage on shares of Rapport Therapeutics in a research report on Tuesday, July 28th. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $66.00 price target on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rapport Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $65.91.

Insider Buying and Selling

In other Rapport Therapeutics news, Director Wendy B. Young bought 3,789 shares of the business’s stock in a transaction on Thursday, October 22nd. The shares were acquired at an average price of $26.39 per share, with a total value of $99,991.71. Following the transaction, the director owned 13,289 shares of the company’s stock, valued at approximately $350,696.71. This trade represents a 39.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Healy bought 969,480 shares of the business’s stock in a transaction on Wednesday, October 28th. The shares were acquired at an average cost of $21.00 per share, for a total transaction of $20,359,080.00. Following the transaction, the director directly owned 2,815,707 shares in the company, valued at approximately $59,129,847. This trade represents a 52.51% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,031,174 shares of company stock valued at $22,023,898 and sold 97,976 shares valued at $4,391,729. 12.48% of the stock is owned by insiders.

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.