Sofinnova Investments Inc. Buys Shares of 1,951,562 Rapport Therapeutics (NASDAQ:RAPP)

Sofinnova Investments Inc. acquired a new stake in Rapport Therapeutics (NASDAQ:RAPP) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,951,562 shares of the company’s stock, valued at approximately $45,393,000. Rapport Therapeutics accounts for 2.4% of Sofinnova Investments Inc.’s portfolio, making the stock its 10th biggest holding. Sofinnova Investments Inc. owned 5.52% of Rapport Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Separately, Johnson & Johnson acquired a new position in shares of Rapport Therapeutics during the second quarter valued at about $58,105,000.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. TD Cowen started coverage on Rapport Therapeutics in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. Stifel Nicolaus began coverage on Rapport Therapeutics in a research note on Tuesday, July 2nd. They issued a “buy” rating and a $35.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Rapport Therapeutics in a research note on Tuesday, July 2nd. They set a “buy” rating and a $35.00 price target for the company.

Insider Activity

In other Rapport Therapeutics news, Director James Healy purchased 44,032 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was bought at an average cost of $24.52 per share, for a total transaction of $1,079,664.64. Following the completion of the transaction, the director now owns 40,851 shares in the company, valued at $1,001,666.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Rapport Therapeutics Price Performance

Shares of RAPP opened at $18.79 on Tuesday. Rapport Therapeutics has a twelve month low of $16.55 and a twelve month high of $28.08. The business’s 50 day simple moving average is $21.39.

Rapport Therapeutics (NASDAQ:RAPP) last released its earnings results on Thursday, August 8th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($1.02). As a group, sell-side analysts expect that Rapport Therapeutics will post -3.46 EPS for the current fiscal year.

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.