Barclays has downgraded shares of Rapt Therapeutics (NASDAQ:RAPT) from an overweight rating to an equal weight rating, according to a research note published on Wednesday. The brokerage has set a price target of $58.00 on the stock, reflecting its assessment of the company’s current market position.
Analyst Ratings Reflect Mixed Sentiment
The downgrade by Barclays follows a series of varied ratings from other financial institutions. In a report dated October 8, 2023, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rapt Therapeutics. Meanwhile, Leerink Partners upgraded the stock from “market perform” to “outperform” on September 26, 2023, raising their price target from $16.00 to $37.00.
Additionally, Guggenheim adjusted its rating on Rapt Therapeutics from “buy” to “neutral.” On a more favorable note, JPMorgan Chase & Co. increased its price objective from $55.00 to $57.00 while maintaining an “overweight” rating on November 12, 2023. In a separate report, Piper Sandler also downgraded Rapt from “overweight” to “neutral,” reiterating the $58.00 price goal.
Overall, analyst sentiment towards Rapt Therapeutics is mixed, with one analyst rating the stock as a strong buy, one as a buy, ten assigning a hold rating, and one giving it a sell rating. According to MarketBeat, Rapt Therapeutics currently holds an average rating of “hold” and a consensus target price of $48.44.
Recent Earnings and Institutional Investments
Rapt Therapeutics reported its latest earnings on November 6, 2023, disclosing earnings per share (EPS) of ($0.65) for the quarter. This figure surpassed analysts’ consensus estimates of ($0.88) by $0.23. Analysts predict an EPS of ($2.14) for the current fiscal year.
Institutional investors have been active in adjusting their stakes in Rapt Therapeutics. Notable transactions include Invesco Ltd. acquiring a new stake valued at $3.625 million in the third quarter. SummitTX Capital L.P. and Velan Capital Investment Management LP also entered positions valued at $2.370 million and $2.063 million, respectively. Ameriprise Financial Inc. and Susquehanna International Group LLP further expanded their investments, with Susquehanna increasing its position by 173.4%.
As a result, institutional investors now hold approximately 99.09% of Rapt Therapeutics’ stock, highlighting significant institutional confidence in the company.
Company Overview
Founded in 2013 and headquartered in San Diego, California, Rapt Therapeutics, Inc. focuses on developing novel therapeutics for autoimmune and allergic diseases. The company utilizes tissue-selective immunology to design small molecule and biologic candidates aimed at modulating immune cell trafficking and tissue-resident pathways. Its lead asset, RPT193, is an orally available antagonist of the CC chemokine receptor 4 (CCR4), which is currently in clinical development for conditions such as atopic dermatitis and allergic asthma.
As the market adjusts to these developments, Rapt Therapeutics’ stock performance and analyst ratings will continue to attract attention from investors and market watchers alike.
