Seaport Therapeutics (NASDAQ:SPTX) Stock Lifted to “Strong-Buy” by Raymond James Financial

Seaport Therapeutics (NASDAQ:SPTX) was upgraded by investment analysts at Raymond James Financial to a “strong-buy” rating in a report released on Friday, Zacks reports.

Several other research analysts have also weighed in on SPTX. Wolfe Research assumed coverage on shares of Seaport Therapeutics in a research note on Tuesday, July 7th. They set a “hold” rating for the company. HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Seaport Therapeutics in a research note on Thursday, September 10th. JonesTrading initiated coverage on shares of Seaport Therapeutics in a report on Wednesday, August 26th. They issued a “buy” rating and a $32.00 price objective on the stock. UBS Group cut shares of Seaport Therapeutics to a “sell” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings began coverage on shares of Seaport Therapeutics in a report on Tuesday, August 11th. They issued a “sell (d+)” rating for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.57.

Seaport Therapeutics Price Performance

Shares of NASDAQ SPTX opened at $21.52 on Friday. The business’s 50 day moving average price is $22.87. The firm has a market cap of $1.15 billion and a P/E ratio of -1.78. Seaport Therapeutics has a 1 year low of $14.85 and a 1 year high of $28.38.

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). As a group, equities research analysts forecast that Seaport Therapeutics will post -4.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

Several institutional investors have recently bought and sold shares of SPTX. TRV GP VI LLC purchased a new stake in Seaport Therapeutics during the second quarter worth about $44,769,742. Braidwell LP purchased a new position in shares of Seaport Therapeutics in the second quarter valued at approximately $10,860,000. Citadel Advisors LLC acquired a new position in shares of Seaport Therapeutics in the second quarter valued at approximately $4,152,000. The Manufacturers Life Insurance Company acquired a new position in shares of Seaport Therapeutics in the second quarter valued at approximately $1,793,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Seaport Therapeutics during the 2nd quarter worth 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.