Seaport Therapeutics (NASDAQ:SPTX) Stock Price Up 3.6% – Here’s Why

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price shot up 3.6% during trading on Wednesday. The company traded as high as $16.79 and last traded at $16.66. 42,924 shares traded hands during trading, a decline of 81% from the average session volume of 222,797 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPTX. Canaccord Genuity Group assumed coverage on shares of Seaport Therapeutics in a report on Wednesday. They set a “buy” rating and a $28.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a report on Thursday, October 8th. JonesTrading started coverage on Seaport Therapeutics in a research report on Wednesday, August 26th. They issued a “buy” rating and a $32.00 price objective on the stock. Raymond James Financial assumed coverage on Seaport Therapeutics in a research note on Friday, September 25th. They set a “strong-buy” rating and a $46.00 target price on the stock. Finally, Wolfe Research initiated coverage on Seaport Therapeutics in a report on Tuesday, July 7th. They set a “hold” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.25.

Seaport Therapeutics Stock Performance

The stock has a market capitalization of $900.91 million and a price-to-earnings ratio of -1.39. The business’s 50-day simple moving average is $22.27.

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

Institutional Trading of Seaport Therapeutics

Several institutional investors have recently added to or reduced their stakes in SPTX. HighTower Advisors LLC purchased a new position in Seaport Therapeutics in the 2nd quarter worth about $362,000. Squarepoint Ops LLC purchased a new position in Seaport Therapeutics during the second quarter valued at $538,000. State Street Corp bought a new position in shares of Seaport Therapeutics during the 2nd quarter valued at approximately $1,448,000. Alyeska Investment Group L.P. purchased a new stake in Seaport Therapeutics in the 2nd quarter worth approximately $1,629,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Seaport Therapeutics in the 2nd quarter worth approximately $1,793,000.

About Seaport Therapeutics

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.