Rapport Therapeutics (NASDAQ:RAPP) Stock Price Down 5.5%

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) dropped 5.5% on Wednesday . The company traded as low as $18.62 and last traded at $18.65. Approximately 49,760 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 158,172 shares. The stock had previously closed at $19.74.

Analyst Ratings Changes

Several brokerages have recently issued reports on RAPP. Jefferies Financial Group started coverage on shares of Rapport Therapeutics in a research note on Tuesday, July 2nd. They issued a "buy" rating and a $35.00 price objective on the stock. TD Cowen assumed coverage on Rapport Therapeutics in a research report on Tuesday, July 2nd. They set a "buy" rating for the company. Finally, Stifel Nicolaus began coverage on Rapport Therapeutics in a report on Tuesday, July 2nd. They issued a "buy" rating and a $35.00 target price on the stock.

Rapport Therapeutics Stock Performance

The stock's 50 day moving average price is $21.78.

Rapport Therapeutics (NASDAQ:RAPP - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($0.68) by ($1.02). On average, sell-side analysts predict that Rapport Therapeutics will post -3.46 EPS for the current fiscal year.

Insider Activity

In other Rapport Therapeutics news, Director James Healy bought 44,032 shares of the stock in a transaction on Monday, July 1st. The shares were bought at an average price of $24.52 per share, with a total value of $1,079,664.64. Following the purchase, the director now directly owns 40,851 shares in the company, valued at approximately $1,001,666.52. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Investors Weigh In On Rapport Therapeutics

A number of institutional investors have recently modified their holdings of the stock. ARCH Venture Management LLC acquired a new position in Rapport Therapeutics in the second quarter worth approximately $86,730,000. Johnson & Johnson acquired a new stake in shares of Rapport Therapeutics in the 2nd quarter valued at $58,105,000. Sofinnova Investments Inc. bought a new stake in Rapport Therapeutics in the second quarter worth $45,393,000. Perceptive Advisors LLC acquired a new position in Rapport Therapeutics during the second quarter worth $17,403,000. Finally, Logos Global Management LP acquired a new position in Rapport Therapeutics during the second quarter worth $4,859,000.

Rapport Therapeutics Company Profile

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.

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