Key Points
- Rapport Therapeutics major shareholder Rock Ventures L.P. Third sold 271,495 shares on May 7 at an average price of $40.12, generating about $10.9 million in proceeds. After the sale, the insider still owned 6.44 million shares, a 4.05% reduction in its stake.
- The stock has been trading near its high end of the year, opening at $38.43 versus a 52-week range of $7.73 to $42.27. Rapport Therapeutics also has a market cap of about $1.84 billion.
- Recent earnings topped expectations, with the company reporting a smaller-than-expected loss of $0.42 per share and revenue of $20 million, well above the $7.5 million consensus estimate. Analysts currently rate the stock a consensus “Buy” with an average price target of $54.83.
Rapport Therapeutics, Inc. (NASDAQ:RAPP - Get Free Report) major shareholder Rock Ventures L.P. Third sold 5,018 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $40.31, for a total value of $202,275.58. Following the completion of the sale, the insider directly owned 6,432,715 shares of the company's stock, valued at $259,302,741.65. This represents a 0.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Rapport Therapeutics Price Performance
RAPP opened at $38.43 on Tuesday. The business has a 50 day simple moving average of $32.41 and a 200-day simple moving average of $29.53. The stock has a market capitalization of $1.84 billion, a P/E ratio of -14.78 and a beta of 0.82. Rapport Therapeutics, Inc. has a 12 month low of $7.73 and a 12 month high of $42.27.
Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.14. The business had revenue of $20.00 million during the quarter, compared to analyst estimates of $7.50 million. Research analysts anticipate that Rapport Therapeutics, Inc. will post -3.06 EPS for the current year.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on RAPP shares. Truist Financial raised Rapport Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Raymond James Financial started coverage on Rapport Therapeutics in a research note on Friday, April 10th. They issued a "strong-buy" rating and a $66.00 price objective for the company. Wells Fargo & Company raised their price objective on Rapport Therapeutics from $43.00 to $46.00 and gave the company an "overweight" rating in a research note on Wednesday, March 11th. Wall Street Zen raised Rapport Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Citigroup reissued a "market outperform" rating on shares of Rapport Therapeutics in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $54.83.
Get Our Latest Research Report on Rapport Therapeutics
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RAPP. Capital International Investors lifted its stake in shares of Rapport Therapeutics by 30.7% during the third quarter. Capital International Investors now owns 3,402,529 shares of the company's stock worth $101,055,000 after purchasing an additional 800,000 shares in the last quarter. Maven Securities LTD acquired a new position in shares of Rapport Therapeutics during the third quarter worth about $594,000. Baker BROS. Advisors LP lifted its stake in shares of Rapport Therapeutics by 181.2% during the third quarter. Baker BROS. Advisors LP now owns 1,547,090 shares of the company's stock worth $45,949,000 after purchasing an additional 997,000 shares in the last quarter. Swedbank AB acquired a new position in shares of Rapport Therapeutics during the fourth quarter worth about $3,434,000. Finally, Arizona State Retirement System acquired a new position in shares of Rapport Therapeutics during the fourth quarter worth about $234,000.
About Rapport Therapeutics
(
Get Free Report)
Rapport Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for patients with cancer. The company leverages a proprietary discovery engine to identify novel tumor-associated antigens and develop tailored biologic and small-molecule candidates designed to modulate key oncogenic pathways. With a pipeline comprising multiple preclinical and early clinical assets, Rapport is committed to advancing precision medicine approaches and addressing unmet needs in oncology.
Rapport’s discovery engine combines high-throughput screening, molecular profiling and in vivo validation to accelerate the progression of lead candidates from the laboratory to clinical evaluation.
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