Wells Fargo & Company Issues Pessimistic Forecast for RAPT Therapeutics (NASDAQ:RAPT) Stock Price

RAPT Therapeutics (NASDAQ:RAPT) had its price target dropped by stock analysts at Wells Fargo & Company from $17.00 to $4.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 127.92% from the company’s previous close.

A number of other analysts have also recently commented on RAPT. Piper Sandler cut RAPT Therapeutics from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $8.00 to $2.00 in a research report on Monday. HC Wainwright reissued a “neutral” rating on shares of RAPT Therapeutics in a report on Tuesday. UBS Group decreased their price objective on RAPT Therapeutics from $10.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered RAPT Therapeutics from a “neutral” rating to an “underweight” rating in a report on Monday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, RAPT Therapeutics currently has a consensus rating of “Hold” and an average target price of $14.38.

RAPT Therapeutics Price Performance

Shares of NASDAQ:RAPT opened at $1.76 on Tuesday. The company has a market cap of $61.25 million, a P/E ratio of -0.57 and a beta of 0.33. The stock’s fifty day moving average price is $1.97 and its 200-day moving average price is $3.10. RAPT Therapeutics has a 1 year low of $1.31 and a 1 year high of $27.35.

Institutional Trading of RAPT Therapeutics

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of RAPT Therapeutics by 21.2% in the first quarter. Vanguard Group Inc. now owns 2,492,850 shares of the company’s stock worth $22,386,000 after buying an additional 436,629 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of RAPT Therapeutics during the 1st quarter worth approximately $97,000. EntryPoint Capital LLC purchased a new stake in shares of RAPT Therapeutics during the 1st quarter valued at approximately $161,000. Redmile Group LLC lifted its holdings in RAPT Therapeutics by 80.6% in the first quarter. Redmile Group LLC now owns 662,398 shares of the company’s stock valued at $5,948,000 after acquiring an additional 295,622 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. increased its stake in RAPT Therapeutics by 55.3% during the first quarter. Kingdon Capital Management L.L.C. now owns 1,500,000 shares of the company’s stock worth $13,470,000 after acquiring an additional 534,172 shares during the last quarter. 99.09% of the stock is owned by institutional investors and hedge funds.

About RAPT Therapeutics

RAPT Therapeutics, Inc, a clinical-stage immunology-based biopharmaceutical company, focuses on discovery, development, and commercialization of oral small molecule therapies for patients with unmet needs in oncology and inflammatory diseases in the United States. The company's lead inflammation drug candidate is zelnecirnon (RPT193), a C-C motif chemokine receptor 4 (CCR4) antagonist that selectively inhibit the migration of type 2 T helper cells into inflamed tissues.