Key Highlights

  • RAPP shares are trading up 9.28% to $27.68, against a prior close of $25.33.
  • RAP-219 delivered a 3.1-point placebo-adjusted improvement in YMRS total score at Week 3 (p=0.045).
  • Citizens raised its price target to $91, Raymond James to $86 and H.C. Wainwright to $66.
  • Shares remain well below a premarket spike near $38.90 on the day of the data.
  • Cash of $436.1 million as of June 30 is expected to fund operations into the second half of 2029.

RAP-219 Bipolar Mania Data Keep Drawing Buyers

Rapport Therapeutics (NASDAQ:RAPP) shares are trading up 9.28% to $27.68 as investors continue to digest positive Phase 2 data for RAP-219 in bipolar mania. The trial met its primary and secondary endpoints, and the company plans to meet the FDA in the first quarter of 2027, with two Phase 3 trials expected to begin in the second half of 2027. Shares opened at $25.11.

The rebound is partial. Shares remain well below a premarket spike near $38.90 recorded when the data were announced, and the 52-week range runs from $23.75 to $52.93.

Phase 2 Results: 3.1-Point YMRS Gain and Clean Tolerability

The randomized, double-blind, placebo-controlled trial enrolled 253 adults with bipolar I disorder experiencing an acute manic episode. RAP-219 produced a 3.1-point placebo-adjusted improvement in the Young Mania Rating Scale total score at Week 3 (p=0.045), with a mean reduction of 15.4 points versus 12.3 points for placebo. The CGI-BP severity of mania score improved by 0.4 points (p=0.024).

The drug was well tolerated, with all treatment-emergent adverse events mild or moderate. Somnolence was reported in 0.8% of patients versus 3.1% on placebo, and adverse effects commonly seen with current mania medications, including akathisia, were not reported.

Analyst Targets Rise, but One Firm Flags Agitation and Discontinuations

Citizens raised its price target to $91, Raymond James to $86 and H.C. Wainwright to $66 after the readout. Wells Fargo flagged higher agitation and discontinuation rates and noted that the effect size fell short of the roughly 4-point level some investors had hoped for.

Rapport, based in Boston, is a clinical-stage biotechnology company using its receptor-associated protein platform to develop precision small-molecule medicines for neurological and psychiatric disorders. RAP-219 is a potential first-in-class TARPγ8-selective AMPA receptor negative allosteric modulator also being developed for focal onset seizures and primary generalized tonic-clonic seizures. The company has a market cap of $1.33 billion and a loss of $3.04 per share.

FDA Meeting and November 5 Report Mark the Next Milestones

Rapport reports third-quarter results on November 5, with long-term open-label epilepsy safety data expected in the fourth quarter. The FOCUS 1 and FOCUS 2 pivotal Phase 3 epilepsy trials are enrolling. Cash of $436.1 million as of June 30 is expected to fund operations into the second half of 2029, and defensive flows into healthcare, with the State Street Health Care Select Sector SPDR ETF little changed, down 0.09%, form the backdrop.