Rapport Therapeutics (NASDAQ:RAPP) Given New $66.00 Price Target at Guggenheim

Rapport Therapeutics (NASDAQ:RAPP) had its target price reduced by Guggenheim from $70.00 to $66.00 in a research note issued to investors on Thursday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. TD Cowen restated a “buy” rating on shares of Rapport Therapeutics in a research note on Tuesday, October 20th. UBS Group initiated coverage on shares of Rapport Therapeutics in a research report on Thursday, October 15th. They set a “buy” rating and a $71.00 target price for the company. Wolfe Research assumed coverage on shares of Rapport Therapeutics in a research report on Thursday, October 15th. They issued an “outperform” rating and a $50.00 target price for the company. JonesTrading raised their price target on Rapport Therapeutics from $50.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, William Blair initiated coverage on Rapport Therapeutics in a report on Tuesday, July 28th. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $66.55.

Rapport Therapeutics Trading Down 8.5%

RAPP opened at $23.72 on Thursday. Rapport Therapeutics has a 12 month low of $22.06 and a 12 month high of $52.93. The company has a market cap of $1.14 billion, a PE ratio of -7.48 and a beta of 1.40. The company has a 50 day moving average of $34.68 and a 200 day moving average of $35.53.

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

Insider Activity

In other news, Director Steven M. Paul bought 35,714 shares of the business’s stock in a transaction dated Thursday, October 22nd. The shares were purchased at an average price of $27.28 per share, for a total transaction of $974,277.92. Following the completion of the acquisition, the director owned 77,380 shares of the company’s stock, valued at approximately $2,110,926.40. This trade represents a 85.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul M. Silva purchased 3,680 shares of the stock in a transaction that occurred on Thursday, October 22nd. The shares were purchased at an average price of $27.07 per share, with a total value of $99,617.60. Following the completion of the acquisition, the director directly owned 3,680 shares in the company, valued at $99,617.60. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, 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.

Institutional Trading of Rapport Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alps Advisors Inc. lifted its position in Rapport Therapeutics by 31.8% during the third quarter. Alps Advisors Inc. now owns 63,565 shares of the company’s stock valued at $2,136,000 after buying an additional 15,322 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Rapport Therapeutics during the third quarter valued at approximately $82,000. Profund Advisors LLC increased its stake in shares of Rapport Therapeutics by 420.8% during the third 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. grew its stake in shares of 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 worth $500,000 after buying an additional 4,342 shares during the last quarter. Finally, Sigma Planning Corp purchased a new stake in shares of Rapport Therapeutics in the 3rd quarter worth approximately $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.