Six Rapport Therapeutics Insiders Buy $1.66 Million of Stock

Six insiders at Rapport Therapeutics, Inc. (RAPP) bought common stock on the open market between Oct. 21 and Oct. 23, spending about $1.66 million for 61,694 shares, according to Form 4 filings. Prices ranged from $25.81 to $27.84 a share across seven reported transactions.

Director Steven M. Paul bought 35,714 shares for about $974,000, according to a Form 4 filed Oct. 22. The price was a weighted average of $27.28, in trades from $26.87 to $27.84. His indirect holding rose to 77,380 shares from 41,666, an 85.7% increase.

Director John Maraganore filed two purchase lines on Oct. 22, both at weighted average prices. One covered 8,239 shares at $26.3799, in trades from $25.81 to $26.73. The other covered 1,172 shares at $26.9173, in trades from $26.81 to $26.98. Together they came to 9,411 shares and about $249,000. His indirect holding was zero before the first purchase and 9,411 shares after the second.

Chief Financial Officer Troy A. Ignelzi bought 5,500 shares at $26.10 on Oct. 21, a $143,550 purchase. His direct holding went to 15,500 shares from 10,000, a 55% increase. Director Wendy B. Young bought 3,789 shares at $26.39 on Oct. 22 for about $100,000, which lifted her direct holding to 13,289 shares from 9,500.

Director Paul M. Silva bought 3,680 shares at $27.075 on Oct. 22, about $99,600 in all. His indirect holding after the purchase was 3,680 shares, against zero before. Director Ramiro Sanchez bought 3,600 shares on Oct. 23 at a weighted average price of $27.3549, in trades from $27.07 to $27.47, for about $98,500. His direct holding was zero before the purchase.

Form 4 is the report that officers, directors and holders of more than 10% of a company's stock must file within two business days of a trade. Transaction code P marks an open-market or private purchase paid for by the insider, as opposed to grants, option exercises or purchases under an employee plan. Each of the six filings was submitted on the same day as its trade, and none of the purchases was made under a Rule 10b5-1 plan.

The buying meets AlphaScala's definition of an insider cluster: three or more insiders each buying at least $25,000 on the open market within 30 days. Six insiders qualified here. The RAPP stock page has more on the company, and the code P explainer covers the transaction type.

The filings followed a run of insider selling. Between July 23 and Oct. 21, Rapport insiders reported 21 open-market sales worth about $6.95 million from three distinct sellers. No open-market purchases were filed in that window. Chief Development Officer Krishnaswamy Yeleswaram sold 20,799 shares on Aug. 25 for about $1.05 million. Chief Executive Officer Abraham Ceesay sold 18,921 shares that day and 19,500 shares on Aug. 11, each sale worth roughly $0.9 million.

The last of those sales was dated Oct. 7, 14 days before Ignelzi's purchase on Oct. 21.