Seaport Therapeutics, Inc.’s (NASDAQ:SPTX) Lock-Up Period Will Expire on October 28th

Seaport Therapeutics’ (NASDAQ:SPTX) lock-up period will end on Wednesday, October 28th. Seaport Therapeutics had issued 14,160,000 shares in its initial public offering on May 1st. The total size of the offering was $254,880,000 based on an initial share price of $18.00. After the expiration of Seaport Therapeutics’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Raymond James Financial started coverage on Seaport Therapeutics in a research report on Friday, September 25th. They set a “strong-buy” rating and a $46.00 price target for the company. Seaport Research Partners set a $28.00 target price on Seaport Therapeutics in a report on Wednesday, October 14th. JonesTrading began coverage on shares of Seaport Therapeutics in a research report on Wednesday, August 26th. They set a “buy” rating and a $32.00 target price for the company. UBS Group reissued a “buy” rating on shares of Seaport Therapeutics in a research report on Thursday, October 8th. Finally, Wolfe Research initiated coverage on shares of Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.25.

Seaport Therapeutics Stock Performance

NASDAQ SPTX opened at $20.76 on Friday. The stock’s fifty day moving average price is $21.60. Seaport Therapeutics has a 52 week low of $14.85 and a 52 week 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 anticipate that Seaport Therapeutics will post -4.52 earnings per share for the current year.

Hedge Funds Weigh In On Seaport Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPTX. TRV GP VI LLC purchased a new stake in shares of Seaport Therapeutics during the second quarter worth about $44,769,742. Braidwell LP acquired a new position in shares of Seaport Therapeutics in the second quarter worth about $10,860,000. Citadel Advisors LLC acquired a new position in shares of Seaport Therapeutics in the second quarter worth about $4,152,000. The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics in the second quarter valued at about $1,793,000. Finally, Alyeska Investment Group L.P. purchased a new position in Seaport Therapeutics in the second quarter valued at about $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 uses its Glyph platform, a technology designed to create prodrugs that may improve the delivery, tolerability, and effectiveness of certain therapies, including treatments intended to reach the brain.

Seaport’s pipeline includes investigational therapies for neurological and neuropsychiatric conditions. Its programs have included GTX-102, an oral investigational medicine being developed for Angelman syndrome, a rare genetic neurodevelopmental disorder, as well as additional candidates aimed at addressing unmet needs in CNS care.

The company was established with support from PureTech Health and is headquartered in Boston, Massachusetts.