Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Up - What's Next?

Key Points

• Seaport Therapeutics shares opened higher, rising from a prior close of $18.69 to $20.12 before last trading near $19.91.
• Analyst sentiment is mixed but leans positive: the stock has a consensus rating of “Moderate Buy” and an average price target of $38.57, despite recent sell and hold ratings.
• The company 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 $4.52 per share.

Seaport Therapeutics, Inc. (NASDAQ:SPTX - Get Free Report) shares gapped up before the market opened on Thursday. The stock had previously closed at $18.69, but opened at $20.12. Seaport Therapeutics shares last traded at $19.91, with a volume of 5,471 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SPTX shares. Raymond James Financial initiated coverage on shares of Seaport Therapeutics in a research note on Friday, September 25th. They issued a "strong-buy" rating and a $46.00 price objective for the company. Weiss Ratings downgraded shares of Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. UBS Group lowered shares of Seaport Therapeutics to a "sell" rating in a report on Tuesday, June 9th. Wolfe Research initiated coverage on shares of Seaport Therapeutics in a research report on Tuesday, July 7th. They issued a "hold" rating for the company. Finally, Seaport Research Partners set a $46.00 price target on shares of Seaport Therapeutics in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.57.

Seaport Therapeutics Stock Performance

The company has a 50-day moving average price of $22.78. The stock has a market cap of $1.07 billion and a price-to-earnings ratio of -1.65.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported ($1.78) EPS for the quarter, missing analysts' consensus estimates of ($0.71) by ($1.07). Analysts forecast that Seaport Therapeutics, Inc. will post -4.52 EPS for the current year.

Institutional Trading of Seaport Therapeutics

Several hedge funds have recently modified their holdings of SPTX. HighTower Advisors LLC acquired a new position in Seaport Therapeutics during the second quarter worth $362,000. Squarepoint Ops LLC purchased a new position in Seaport Therapeutics in the 2nd quarter valued at approximately $538,000. State Street Corp acquired a new position in Seaport Therapeutics during the second quarter worth $1,448,000. Alyeska Investment Group L.P. acquired a new position in Seaport Therapeutics during the second quarter worth $1,629,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Seaport Therapeutics during the second quarter worth $1,793,000.

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.