Seaport Therapeutics (NASDAQ:SPTX) Shares Down 6% - Here's Why

Key Points

• Seaport Therapeutics shares fell 6% to $17.39 in light trading, well below the 50-day moving average of $22.63.
• Analyst sentiment is mixed but leans positive, with a “Moderate Buy” consensus and an average price target of $38.57; ratings range from Strong Buy to Sell.
• The company recently reported a significant quarterly EPS miss, posting a loss of $1.78 per share versus the expected loss of $0.71. Analysts project a full-year loss of $4.52 per share.

Seaport Therapeutics, Inc. (NASDAQ:SPTX - Get Free Report)'s share price traded down 6% on Tuesday. The stock traded as low as $17.39 and last traded at $17.39. 25,821 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 223,942 shares. The stock had previously closed at $18.50.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPTX. Seaport Research Partners set a $46.00 price objective on Seaport Therapeutics in a research note on Friday, September 25th. Weiss Ratings cut Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Wolfe Research initiated coverage on shares of Seaport Therapeutics in a research note on Tuesday, July 7th. They issued a "hold" rating on the stock. UBS Group cut Seaport Therapeutics to a "sell" rating in a research report on Tuesday, June 9th. Finally, JonesTrading assumed coverage on shares of Seaport Therapeutics in a report on Wednesday, August 26th. They set a "buy" rating and a $32.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued 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 an average rating of "Moderate Buy" and a consensus price target of $38.57.

Seaport Therapeutics Price Performance

The company has a market capitalization of $953.37 million and a price-to-earnings ratio of -1.47. The company has a 50 day simple moving average of $22.63.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($1.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.71) by ($1.07). Sell-side analysts predict that Seaport Therapeutics, Inc. will post -4.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp acquired a new position in Seaport Therapeutics during the 2nd quarter worth about $1,448,000. The Manufacturers Life Insurance Company bought a new position in Seaport Therapeutics during the second quarter worth $1,793,000. Squarepoint Ops LLC acquired a new stake in shares of Seaport Therapeutics in the 2nd quarter valued at about $538,000. Citadel Advisors LLC acquired a new stake in Seaport Therapeutics in the 2nd quarter valued at $4,152,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Seaport Therapeutics in the 2nd quarter worth about $362,000.

About Seaport Therapeutics

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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