Zacks Investment Research Upgrades RAPT Therapeutics (NASDAQ:RAPT) to Buy

Zacks Investment Research upgraded shares of RAPT Therapeutics (NASDAQ:RAPT) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. They currently have $37.00 target price on the stock.

According to Zacks, “RAPT Therapeutics Inc. is a clinical stage immunology-based biopharmaceutical company. It focuses on discovering, developing and commercializing oral small molecule therapies for oncology and inflammatory diseases. The company’s drug candidate consists of FLX475 for the treatment of tumors and RPT193, a CCR4 antagonist for allergic inflammatory disease. RAPT Therapeutics Inc. is based in San Francisco, California. “

Several other brokerages have also recently issued reports on RAPT. Cantor Fitzgerald reduced their price target on shares of RAPT Therapeutics from $71.00 to $58.00 and set an overweight rating on the stock in a research report on Tuesday, November 16th. SVB Leerink reissued a buy rating on shares of RAPT Therapeutics in a research report on Monday, October 4th. Finally, JPMorgan Chase & Co. initiated coverage on shares of RAPT Therapeutics in a research report on Thursday, December 9th. They set an overweight rating and a $61.00 price target on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, RAPT Therapeutics currently has a consensus rating of Buy and a consensus price target of $57.38.

NASDAQ RAPT opened at $29.60 on Wednesday. The firm’s 50-day moving average is $34.14 and its two-hundred day moving average is $33.39. RAPT Therapeutics has a 12 month low of $14.89 and a 12 month high of $43.26.

RAPT Therapeutics (NASDAQ:RAPT) last posted its earnings results on Wednesday, November 10th. The company reported ($0.63) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.62) by ($0.01). RAPT Therapeutics had a negative net margin of 1,468.46% and a negative return on equity of 41.61%. The company had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.45 million. As a group, analysts predict that RAPT Therapeutics will post -2.67 EPS for the current fiscal year.

In other RAPT Therapeutics news, insider Dirk G. Brockstedt sold 2,648 shares of the firm’s stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $35.69, for a total value of $94,507.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Ho sold 2,000 shares of the firm’s stock in a transaction on Wednesday, January 5th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,943 shares of company stock valued at $530,196. Corporate insiders own 26.34% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its position in shares of RAPT Therapeutics by 89.2% in the second quarter. Royal Bank of Canada now owns 1,230 shares of the company’s stock valued at $39,000 after buying an additional 580 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of RAPT Therapeutics by 45.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,409 shares of the company’s stock valued at $45,000 after buying an additional 440 shares in the last quarter. Citigroup Inc. increased its position in shares of RAPT Therapeutics by 99.1% in the second quarter. Citigroup Inc. now owns 2,714 shares of the company’s stock valued at $86,000 after buying an additional 1,351 shares in the last quarter. Legal & General Group Plc increased its position in shares of RAPT Therapeutics by 27.3% in the second quarter. Legal & General Group Plc now owns 3,047 shares of the company’s stock valued at $96,000 after buying an additional 653 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of RAPT Therapeutics in the second quarter valued at $169,000. Institutional investors and hedge funds own 96.84% of the company’s stock.

About RAPT Therapeutics

Rapt Therapeutics, Inc operates as a clinical stage immunology-based biopharmaceutical company. It focuses on discovering, developing and commercializing oral small molecule therapies for patients in oncology and inflammatory diseases.. The company was founded in 2015 and is headquartered in South San Francisco, CA.

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