Rapport Therapeutics (NASDAQ:RAPP) Stock Price Down 7.8% – What’s Next?

Rapport Therapeutics, Inc. (NASDAQ:RAPP) dropped 7.8% during mid-day trading on Tuesday . The stock traded as low as $16.60 and last traded at $16.26. Approximately 86,932 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 190,189 shares. The stock had previously closed at $17.63.

Wall Street Analysts Forecast Growth

RAPP has been the topic of several analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $28.00 target price on shares of Rapport Therapeutics in a research note on Tuesday, July 8th. HC Wainwright started coverage on shares of Rapport Therapeutics in a research report on Wednesday, August 6th. They set a “buy” rating and a $31.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $29.50.

Rapport Therapeutics Price Performance

The firm has a market capitalization of $573.60 million, a P/E ratio of -6.27 and a beta of 0.71. The company’s 50-day simple moving average is $14.41 and its two-hundred day simple moving average is $11.87.

Rapport Therapeutics (NASDAQ:RAPP) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.12. Analysts predict that Rapport Therapeutics, Inc. will post -3.65 earnings per share for the current year.

Insider Activity at Rapport Therapeutics

In other news, insider David Bredt sold 8,500 shares of the firm’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $15.00, for a total transaction of $127,500.00. Following the sale, the insider directly owned 426,642 shares in the company, valued at $6,399,630. This trade represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 25,500 shares of company stock worth $365,500. 13.57% of the stock is owned by company insiders.

Institutional Trading of Rapport Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RAPP. Deutsche Bank AG bought a new stake in Rapport Therapeutics in the 4th quarter valued at $41,000. Corebridge Financial Inc. increased its holdings in shares of Rapport Therapeutics by 79.1% in the 1st quarter. Corebridge Financial Inc. now owns 8,271 shares of the company’s stock worth $83,000 after buying an additional 3,653 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Rapport Therapeutics by 38.9% in the 4th quarter. Wells Fargo & Company MN now owns 4,824 shares of the company’s stock worth $86,000 after buying an additional 1,352 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Rapport Therapeutics by 86.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,887 shares of the company’s stock worth $99,000 after buying an additional 4,582 shares during the last quarter. Finally, Catalyst Private Wealth LLC bought a new stake in shares of Rapport Therapeutics in the 1st quarter worth about $100,000.

About Rapport Therapeutics

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.