Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Up - Here's What Happened

Key Points

• Seaport Therapeutics shares opened higher, rising from a previous close of $23.34 to $24.56 and last trading at $24.63, while the company’s market capitalization stood at approximately $1.29 billion.
• Analyst opinions are mixed: six analysts rate the stock a Buy, three a Hold and two a Sell, resulting in a consensus Hold rating and an average price target of $37.33.
• The company reported a quarterly loss of $1.78 per share, missing the $0.71 consensus estimate, while a director purchased 13,000 shares and several institutional investors established new positions.

Seaport Therapeutics, Inc. (NASDAQ:SPTX - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $23.34, but opened at $24.56. Seaport Therapeutics shares last traded at $24.63, with a volume of 3,678 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SPTX. BNP Paribas Exane lowered Seaport Therapeutics to a "market perform" rating in a report on Tuesday, May 26th. Wolfe Research began coverage on Seaport Therapeutics in a research report on Tuesday, July 7th. They set a "hold" rating for the company. Stifel Nicolaus assumed coverage on Seaport Therapeutics in a research note on Tuesday, May 26th. They issued a "buy" rating and a $30.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Seaport Therapeutics in a research note on Tuesday, May 26th. They set an "overweight" rating and a $42.00 price objective on the stock. Finally, Leerink Partners assumed coverage on shares of Seaport Therapeutics in a report on Tuesday, May 26th. They issued an "outperform" rating and a $35.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $37.33.

Seaport Therapeutics Stock Down 2.3%

The business's 50 day simple moving average is $22.61. The stock has a market capitalization of $1.29 billion and a PE ratio of -1.99.

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 analysts' consensus estimates of ($0.71) by ($1.07). As a group, equities analysts forecast that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Seaport Therapeutics news, Director Robert Hombach purchased 13,000 shares of the company's stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $18.14 per share, for a total transaction of $235,820.00. Following the completion of the transaction, the director owned 13,000 shares in the company, valued at $235,820. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Seaport Therapeutics

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.