The Manufacturers Life Insurance Company Acquires New Stake in Seaport Therapeutics, Inc. $SPTX

Key Points

• The Manufacturers Life Insurance Company acquired 82,565 shares of Seaport Therapeutics in the second quarter, valued at approximately $1.79 million and representing about 0.15% of the company. Several other institutional investors, including Braidwell and Citadel Advisors, also initiated positions.
• Seaport Therapeutics reported a quarterly loss of $1.78 per share, missing the consensus estimate of a $0.71 loss; analysts expect a full-year loss of approximately $4.60 per share.
• SPTX recently traded at $23.34, while analyst opinions remain mixed: six rate it Buy, three Hold, and two Sell. The consensus rating is Hold, with an average price target of $37.33.

The Manufacturers Life Insurance Company acquired a new position in shares of Seaport Therapeutics, Inc. (NASDAQ:SPTX - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 82,565 shares of the company's stock, valued at approximately $1,793,000. The Manufacturers Life Insurance Company owned approximately 0.15% of Seaport Therapeutics at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SPTX. HighTower Advisors LLC purchased a new position in Seaport Therapeutics in the 2nd quarter valued at about $362,000. Squarepoint Ops LLC purchased a new stake in shares of Seaport Therapeutics during the second quarter worth about $538,000. Alyeska Investment Group L.P. acquired a new position in shares of Seaport Therapeutics in the second quarter valued at approximately $1,629,000. Citadel Advisors LLC acquired a new position in shares of Seaport Therapeutics in the second quarter valued at approximately $4,152,000. Finally, Braidwell LP purchased a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $10,860,000.

Seaport Therapeutics Stock Performance

Seaport Therapeutics stock opened at $23.34 on Monday. The stock has a 50-day moving average price of $22.50. The stock has a market cap of $1.25 billion and a P/E ratio of -1.93. Seaport Therapeutics, Inc. has a 12 month low of $14.85 and a 12 month high of $28.38.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last posted 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). Analysts expect that Seaport Therapeutics, Inc. will post -4.6 EPS for the current fiscal year.

Insider Activity

In other Seaport Therapeutics news, Director Robert Hombach bought 13,000 shares of Seaport Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were acquired at an average price of $18.14 per share, for a total transaction of $235,820.00. Following the acquisition, the director owned 13,000 shares of the company's stock, valued at $235,820. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Weiss Ratings began coverage on shares of Seaport Therapeutics in a research report on Tuesday, August 11th. They set a "sell (d+)" rating on the stock. Citigroup assumed coverage on Seaport Therapeutics in a research note on Tuesday, May 26th. They set a "buy" rating and a $35.00 price target on the stock. Zacks Research upgraded Seaport Therapeutics to a "hold" rating in a report on Wednesday, May 27th. Stifel Nicolaus assumed coverage on Seaport Therapeutics in a research report on Tuesday, May 26th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a research report on Thursday. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $37.33.

Seaport Therapeutics Profile

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.

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