Seaport Therapeutics (NASDAQ:SPTX) Now Covered by Raymond James Financial

Analysts at Raymond James Financial began coverage on shares of Seaport Therapeutics (NASDAQ:SPTX) in a note issued to investors on Friday, Marketbeat.com reports. The firm set a “strong-buy” rating and a $46.00 price target on the stock. Raymond James Financial’s price objective would suggest a potential upside of 134.22% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. JonesTrading initiated coverage on shares of Seaport Therapeutics in a research note on Wednesday, August 26th. They issued a “buy” rating and a $32.00 target price on the stock. Seaport Research Partners set a $46.00 price objective on Seaport Therapeutics in a report on Friday. Weiss Ratings began coverage on Seaport Therapeutics in a research note on Tuesday, August 11th. They set a “sell (d+)” rating on the stock. UBS Group lowered Seaport Therapeutics to a “sell” rating in a research report on Tuesday, June 9th. Finally, HC Wainwright reissued a “buy” rating and set a $50.00 price target on shares of Seaport Therapeutics in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Seaport Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.57.

Seaport Therapeutics Stock Down 8.7%

SPTX stock traded down $1.88 during midday trading on Friday, hitting $19.64. 284,477 shares of the company’s stock were exchanged, compared to its average volume of 221,889. The business has a 50 day moving average of $22.85. Seaport Therapeutics has a 12-month low of $14.85 and a 12-month high of $28.38. The firm has a market capitalization of $1.05 billion and a PE ratio of -1.62.

Seaport Therapeutics (NASDAQ:SPTX) last released its quarterly earnings results on Monday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($1.07). On average, sell-side analysts forecast that Seaport Therapeutics will post -4.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

Institutional investors have recently made changes to their positions in the stock. TRV GP VI LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $44,769,742. The Manufacturers Life Insurance Company bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $1,793,000. Citadel Advisors LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $4,152,000. State Street Corp bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $1,448,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $1,629,000.

About Seaport Therapeutics

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for central nervous system (CNS) disorders. The company is working to advance treatments for conditions in areas such as psychiatry and neurology, with the goal of addressing significant limitations associated with existing therapies.

Seaport’s drug-development efforts are supported by its proprietary Glyph platform, which is designed to enable oral delivery of therapeutics that have historically required injection or infusion.