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David Bredt, Chief Scientific Officer of Rapport Therapeutics , Inc. (NASDAQ:RAPP), a clinical-stage biotech company with a market capitalization of $350 million, recently sold 8,500 shares of the company’s common stock. The transaction, which occurred on April 15, was executed under a Rule 10b5-1 trading plan adopted on December 12, 2024. The shares were sold at a weighted average price of $9.5659, with individual sale prices ranging from $9.18 to $10.03. Following this sale, Bredt holds 460,642 shares in the company. The stock currently trades near InvestingPro’s Fair Value estimate, despite falling 67% over the past six months. The company maintains a strong balance sheet with more cash than debt, though InvestingPro analysis reveals 8 additional key factors affecting the company’s outlook.
In other recent news, Rapport Therapeutics has received a Market Outperform rating from Citizens JMP, with a price target of $28.00. The analysts emphasized the company’s innovative approach in developing precision therapeutics for central nervous system disorders, particularly highlighting the potential of their lead candidate, RAP-219. Currently, in a Phase 2a proof-of-concept trial, RAP-219 is aimed at treating focal epilepsy, with projections suggesting it could generate U.S. sales of around $1.1 billion by 2034. The analysts estimate a 45% probability of success for RAP-219, reflecting a positive outlook for the company’s drug pipeline.
In addition, Rapport Therapeutics has appointed Dr. Jeffrey Sevigny as its new chief medical officer. Dr. Sevigny brings over 15 years of experience in drug development, having previously held leadership roles at Prevail Therapeutics (NASDAQ:PRVL) and Eli Lilly (NYSE:LLY). His expertise will be instrumental in advancing the clinical strategy for RAP-219 and other programs within the company’s pipeline. Dr. Sevigny’s appointment is expected to strengthen Rapport’s efforts in delivering novel treatments for neurological disorders. The company has noted that forward-looking statements are subject to risks and uncertainties, including clinical trial progress and regulatory approvals.
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