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

Key Points

• Seaport Therapeutics’ lock-up period expires October 28, allowing insiders and major shareholders to sell shares. The company issued 14.16 million IPO shares at $18 each, representing a $254.88 million offering.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $37.25, although ratings range from Strong Buy to Sell.
• Seaport shares were up 8.4%, opening at $19.28, while the company reported a quarterly EPS loss of $1.78—substantially worse than the $0.71 consensus estimate.

Seaport Therapeutics' (NASDAQ:SPTX - Get Free Report) lock-up period is set to 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 Ratings Changes

Several equities research analysts have issued reports on the company. Canaccord Genuity Group started coverage on Seaport Therapeutics in a report on Wednesday, October 14th. They issued a "buy" rating and a $28.00 price target for the company. Raymond James Financial began coverage on Seaport Therapeutics in a report on Friday, September 25th. They set a "strong-buy" rating and a $46.00 price objective on the stock. Weiss Ratings lowered Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 25th. JonesTrading began coverage on Seaport Therapeutics in a research report on Wednesday, August 26th. They issued a "buy" rating and a $32.00 price objective for the company. Finally, HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Seaport Therapeutics in a research note on Thursday, October 8th. One equities 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 stock. According to MarketBeat.com, Seaport Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $37.25.

Seaport Therapeutics Stock Up 8.4%

Shares of SPTX stock opened at $19.28 on Wednesday. Seaport Therapeutics has a 12-month low of $14.85 and a 12-month high of $28.38. The stock's fifty day moving average is $21.74.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($1.78) EPS for the quarter, missing the consensus estimate of ($0.71) by ($1.07). On average, research analysts anticipate that Seaport Therapeutics will post -4.52 EPS for the current fiscal year.

Institutional Trading of Seaport Therapeutics

Institutional investors have recently modified their holdings of the company. TRV GP VI LLC acquired a new stake in Seaport Therapeutics in the 2nd quarter valued at approximately $44,769,742. Braidwell LP bought a new stake in Seaport Therapeutics in the 2nd quarter valued at approximately $10,860,000. Citadel Advisors LLC bought a new stake in Seaport Therapeutics in the 2nd quarter valued at approximately $4,152,000. The Manufacturers Life Insurance Company bought a new stake in Seaport Therapeutics in the 2nd quarter valued at approximately $1,793,000. Finally, Alyeska Investment Group L.P. acquired a new position in Seaport Therapeutics during the 2nd quarter worth approximately $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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