T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in RAPT Therapeutics Inc. (NASDAQ:RAPT). The institutional investor has increased its shareholding in the Healthcare company by 9.26% to 3.36 million shares with purchase of 0.29 million shares. This fresh investment now brings its stake to 9.91% valued currently at $99.1 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.67 million to 1.94 million shares. And Perceptive Advisors LLC has lifted its position by 5.01% or 85821.0 shares – to 1.8 million shares.
With over 2.89 million RAPT Therapeutics Inc. (RAPT) shares trading Tuesday and a closing price of $19.70 on the day, the dollar volume was approximately $56.95 million. The shares have shown a negative half year performance of -25.77% and its price on 03/14/23 lost nearly -25.97%. Currently, there are 33.68M common shares owned by the public and among those 32.11M shares have been available to trade.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 2,580,428 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 38,609 shares.
The top 3 mutual fund holders in RAPT Therapeutics Inc. are T Rowe Price New Horizons Fund, SPDR S&P Biotech ETF, and Fidelity Strategic Advisers US To. T Rowe Price New Horizons Fund owns 1.91 million shares of the company’s stock, all valued at over $56.16 million. The company bought an additional 0.26 million shares recently to bring their total holdings to about 5.62% of the shares outstanding. SPDR S&P Biotech ETF sold 10920.0 shares to see its total holdings shrink to 1.23 million shares valued at over $36.32 million and representing 3.63% of the shares outstanding. Fidelity Strategic Advisers US To bought 80280.0 shares to bring its total holdings to over 0.92 million shares at a value of $27.16 million. Fidelity Strategic Advisers US To now owns shares totaling to 2.72% of the shares outstanding.
Shares of RAPT Therapeutics Inc. (NASDAQ: RAPT) opened at $24.55, down -$2.06 from a prior closing price of $26.61. However, the script later moved the day high at 25.31, down -25.97%. The company’s stock has a 5-day price change of -34.94% and 15.47% over the past three months. RAPT shares are trading -0.51% year to date (YTD), with the 12-month market performance down to -17.88% lower. It has a 12-month low price of $9.85 and touched a high of $32.45 over the same period. RAPT has an average intraday trading volume of 437.35K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -31.49%, -26.91%, and -12.16% respectively.
Institutional ownership of RAPT Therapeutics Inc. (NASDAQ: RAPT) shares accounts for 89.20% of the company’s 33.68M shares outstanding. Mutual fund holders own 38.27%, while other institutional holders and individual stakeholders account for 43.60% and 27.05% respectively.
It has a market capitalization of $794.70M and a beta (3y monthly) value of 0.47. The earnings-per-share (ttm) stands at -$2.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 17.28% over the week and 8.04% over the month.
Analysts forecast that RAPT Therapeutics Inc. (RAPT) will achieve an EPS of -$0.66 for the current quarter, -$0.73 for the next quarter and -$2.94 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.72 while analysts give the company a high EPS estimate of -$0.57. Comparatively, EPS for the current quarter was -$0.61 a year ago. Earnings per share for the fiscal year are expected to decrease by -15.30%, and -14.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate RAPT Therapeutics Inc. (RAPT) as a “Strong Buy” at a consensus score of 1.80. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 0 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RAPT, a number of firms have released research notes about the stock. Guggenheim stated their Buy rating for the stock in a research note on January 04, 2023, with the firm’s price target at $55. Goldman coverage for the RAPT Therapeutics Inc. (RAPT) stock in a research note released on December 01, 2022 offered a Buy rating with a price target of $27. CapitalOne was of a view on September 21, 2022 that the stock is Overweight, while Cantor Fitzgerald gave the stock Overweight rating on May 24, 2022, issuing a price target of $58- $44. JP Morgan on their part issued Overweight rating on December 09, 2021.
