Seaport Therapeutics (NASDAQ:SPTX) Shares Up 3.6% - Here's Why

Key Points

• Seaport Therapeutics shares rose 3.6% to approximately $17.99, although trading volume was down 87% from the average session volume.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $38.57; recent targets include $46 from Raymond James and $50 from HC Wainwright.
• The company reported a quarterly loss of $1.78 per share, missing analyst expectations by $1.07, and analysts project a full-year loss of $4.52 per share.

Seaport Therapeutics, Inc. (NASDAQ:SPTX - Get Free Report) shares were up 3.6% during mid-day trading on Wednesday. The stock traded as high as $18.00 and last traded at $17.99. Approximately 29,204 shares were traded during mid-day trading, a decline of 87% from the average session volume of 224,170 shares. The stock had previously closed at $17.37.

Analyst Ratings Changes

A number of research firms have recently weighed in on SPTX. Weiss Ratings cut shares of Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. Raymond James Financial assumed coverage on shares of Seaport Therapeutics in a research report on Friday, September 25th. They set a "strong-buy" rating and a $46.00 target price for the company. Wolfe Research started coverage on shares of Seaport Therapeutics in a research note on Tuesday, July 7th. They issued a "hold" rating for the company. HC Wainwright reaffirmed a "buy" rating and set a $50.00 price target on shares of Seaport Therapeutics in a research report on Thursday, September 10th. Finally, Seaport Research Partners set a $46.00 price objective on Seaport Therapeutics in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Seaport Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $38.57.

Seaport Therapeutics Price Performance

The company has a market capitalization of $945.36 million and a PE ratio of -1.46. The firm's 50-day moving average is $22.58.

Seaport Therapeutics (NASDAQ:SPTX - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($1.07). As a group, equities research analysts predict that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

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

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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