RAPT Therapeutics (NASDAQ:RAPT) Cut to “Neutral” at Piper Sandler

Piper Sandler downgraded shares of RAPT Therapeutics (NASDAQ:RAPT) from an overweight rating to a neutral rating in a report released on Monday morning, MarketBeat reports. They currently have $2.00 price target on the stock, down from their previous price target of $8.00.

RAPT has been the topic of several other reports. HC Wainwright reissued a “neutral” rating on shares of RAPT Therapeutics in a research report on Tuesday, August 20th. JPMorgan Chase & Co. cut shares of RAPT Therapeutics from a “neutral” rating to an “underweight” rating in a report on Monday. Finally, UBS Group decreased their price target on shares of RAPT Therapeutics from $10.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.00.

RAPT Therapeutics Price Performance

Shares of RAPT opened at $1.57 on Monday. The firm’s 50 day moving average is $1.97 and its 200-day moving average is $3.06. The stock has a market capitalization of $54.79 million, a P/E ratio of -0.56 and a beta of 0.33. RAPT Therapeutics has a 12-month low of $1.31 and a 12-month high of $27.35.

Institutional Trading of RAPT Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC bought a new position in RAPT Therapeutics during the first quarter worth $97,000. EntryPoint Capital LLC bought a new position in RAPT Therapeutics during the first quarter worth $161,000. XTX Topco Ltd bought a new position in RAPT Therapeutics during the second quarter worth $108,000. Hennion & Walsh Asset Management Inc. increased its position in RAPT Therapeutics by 8.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 48,525 shares of the company’s stock worth $148,000 after acquiring an additional 3,824 shares during the period. Finally, Los Angeles Capital Management LLC increased its position in RAPT Therapeutics by 66.2% during the second quarter. Los Angeles Capital Management LLC now owns 84,586 shares of the company’s stock worth $258,000 after acquiring an additional 33,692 shares during the period. 99.09% of the stock is currently 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.