Seaport Therapeutics (NASDAQ:SPTX) Shares Down 6% – What’s Next?

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price traded down 6% on Tuesday. The company traded as low as $17.39 and last traded at $17.39. 25,821 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 223,942 shares. The stock had previously closed at $18.50.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPTX. Wolfe Research assumed coverage on Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating on the stock. HC Wainwright reiterated a “buy” rating and set a $50.00 price objective on shares of Seaport Therapeutics in a research report on Thursday, September 10th. Raymond James Financial began coverage on Seaport Therapeutics in a research report on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 price objective for the company. UBS Group cut shares of Seaport Therapeutics to a “sell” rating in a report on Tuesday, June 9th. Finally, Seaport Research Partners set a $46.00 target price on Seaport Therapeutics in a research report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $38.57.

Seaport Therapeutics Stock Down 3.7%

The company’s 50 day moving average is $22.63. The company has a market cap of $953.37 million and a P/E ratio of -1.47.

Seaport Therapeutics (NASDAQ:SPTX) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.78) EPS for the quarter, missing the consensus estimate of ($0.71) by ($1.07). Sell-side analysts expect that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. TRV GP VI LLC purchased a new stake in Seaport Therapeutics in the second quarter valued at about $44,769,742. Citadel Advisors LLC acquired a new stake in shares of Seaport Therapeutics in the second quarter worth $4,152,000. The Manufacturers Life Insurance Company purchased a new position in shares of Seaport Therapeutics during the 2nd quarter valued at about $1,793,000. State Street Corp acquired a new position in Seaport Therapeutics in the second quarter valued at approximately $1,448,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Seaport Therapeutics in the 2nd quarter valued at $1,629,000.

Seaport Therapeutics Company Profile

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for neuropsychiatric and neurological disorders. The company’s research emphasizes therapies that modulate the brain’s GABAergic system, which plays an important role in mood, anxiety, and other central nervous system functions.

Seaport’s drug-development programs are based on its Glyph platform, a technology designed to improve the delivery of small-molecule medicines to the brain and enable oral versions of therapies that may otherwise require intravenous or other forms of administration.