Johnson & Johnson Invests $58.11 Million in Rapport Therapeutics (NASDAQ:RAPP)

Johnson & Johnson acquired a new stake in Rapport Therapeutics (NASDAQ:RAPP) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,498,051 shares of the company’s stock, valued at approximately $58,105,000. Rapport Therapeutics makes up 14.5% of Johnson & Johnson’s investment portfolio, making the stock its 2nd largest position. Johnson & Johnson owned about 7.06% of Rapport Therapeutics as of its most recent SEC filing.

Separately, TD Asset Management Inc purchased a new position in shares of Rapport Therapeutics during the 2nd quarter worth approximately $2,361,000.

Wall Street Analysts Forecast Growth

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

Rapport Therapeutics Stock Performance

RAPP stock opened at $19.00 on Monday. The business’s fifty day simple moving average is $21.50. Rapport Therapeutics has a 52-week low of $16.55 and a 52-week high of $28.08.

Rapport Therapeutics (NASDAQ:RAPP) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($1.02). As a group, equities research analysts predict that Rapport Therapeutics will post -3.46 EPS for the current fiscal year.

Insider Activity

In other news, Director James Healy bought 44,032 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was acquired at an average price of $24.52 per share, for a total transaction of $1,079,664.64. Following the acquisition, the director now owns 40,851 shares of the company’s stock, valued at $1,001,666.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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.