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Investing.com - H.C. Wainwright raised its price target on Rapport Therapeutics (NASDAQ:RAPP) to $34.00 from $31.00 on Tuesday, while maintaining a Buy rating on the stock. The company, now valued at $1.15 billion, has seen its shares surge over 92% in the past week. According to InvestingPro analysis, the stock’s technical indicators suggest overbought conditions.
The price target increase follows positive data from an open label study of the company’s drug, which showed significant reductions in local epileptiform activity measured by RNS devices in patients with focal onset seizures (FOS).
The study demonstrated that 24% of patients achieved seizure-freedom, with H.C. Wainwright noting the results were particularly impressive given that 37% of study participants were already on cenobamate, indicating a highly drug-resistant patient population.
H.C. Wainwright highlighted the drug’s favorable tolerability profile with no evidence of aggression or irritability, which had been a concern for investors based on side effects seen with comparable treatment Fycompa.
Rapport Therapeutics plans to meet with the FDA in the fourth quarter of 2025 and initiate two Phase 3 trials for focal onset seizures in the third quarter of 2026, with the company now focusing on developing a long-acting injectable version to address treatment non-compliance issues. Analyst consensus remains strongly bullish, with price targets ranging from $34 to $77. Get access to 12 additional InvestingPro Tips and comprehensive financial analysis by subscribing to InvestingPro.
In other recent news, Rapport Therapeutics announced a $250 million public stock offering, with the option for underwriters to purchase an additional $37.5 million in shares. This offering is managed by Goldman Sachs, Jefferies, TD Cowen, and Stifel, pending market conditions and regulatory approvals. The company’s epilepsy drug candidate, RAP-219, showed promising results in a Phase 2a clinical trial, achieving a 77.8% reduction in clinical seizures and meeting its primary endpoint with high statistical significance. Following these results, Stifel raised its price target for Rapport Therapeutics to $56, maintaining a Buy rating. TD Cowen also reiterated its Buy rating, citing the drug’s performance in reducing seizure-like events in 85% of patients. These developments reflect strong clinical outcomes for RAP-219, which exceeded expectations by achieving its primary endpoint.
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