Canaccord Genuity Group Begins Coverage on Seaport Therapeutics (NASDAQ:SPTX)

Key Points

• Canaccord Genuity Group initiated coverage of Seaport Therapeutics with a “buy” rating and a $28 price target, implying approximately 74% upside from the stock’s current price.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus rating and an average price target of $37.25, although targets range from $28 to $50.
• Seaport shares opened at $16.08 after declining 6.2%; the company recently reported a quarterly loss of $1.78 per share, substantially missing the $0.71 consensus estimate.

Equities researchers at Canaccord Genuity Group assumed coverage on shares of Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) in a research note issued on Wednesday, Benzinga reports. The firm set a "buy" rating and a $28.00 price target on the stock. Canaccord Genuity Group's price target suggests a potential upside of 74.13% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings downgraded Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 25th. UBS Group reiterated a "buy" rating on shares of Seaport Therapeutics in a report on Thursday, October 8th. JonesTrading initiated coverage on Seaport Therapeutics in a report on Wednesday, August 26th. They set a "buy" rating and a $32.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $50.00 price target on shares of Seaport Therapeutics in a research report on Thursday, October 8th. Finally, Raymond James Financial initiated coverage on Seaport Therapeutics in a report on Friday, September 25th. They issued a "strong-buy" rating and a $46.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.25.

Seaport Therapeutics Trading Down 6.2%

NASDAQ:SPTX opened at $16.08 on Wednesday. The company's fifty day simple moving average is $22.27. Seaport Therapeutics has a twelve month low of $14.85 and a twelve month high of $28.38.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last announced 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). Sell-side analysts forecast that Seaport Therapeutics will post -4.52 EPS for the current year.

Institutional Investors Weigh In On Seaport Therapeutics

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

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