Seaport Therapeutics (NASDAQ:SPTX) Stock Price Up 10.3% - Still a Buy?

Key Points

• Seaport Therapeutics shares rose 10.3% to $19.63, though trading volume was 68% below the stock’s average daily volume.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $37.25; individual targets range from $28 to $50.
• The clinical-stage biotech reported a quarterly loss of $1.78 per share, missing estimates by $1.07, and analysts expect a full-year loss of approximately $4.52 per share.

Seaport Therapeutics, Inc. (NASDAQ:SPTX - Get Free Report)'s stock price traded up 10.3% during trading on Tuesday. The company traded as high as $19.63 and last traded at $19.63. 70,368 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 221,491 shares. The stock had previously closed at $17.79.

Analyst Ratings Changes

SPTX has been the topic of several research analyst reports. Seaport Research Partners set a $28.00 target price on Seaport Therapeutics in a research report on Wednesday, October 14th. Weiss Ratings downgraded Seaport Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. HC Wainwright reiterated a "buy" rating and issued a $50.00 price target on shares of Seaport Therapeutics in a research note on Thursday, October 8th. Canaccord Genuity Group started coverage on shares of Seaport Therapeutics in a research note on Wednesday, October 14th. They issued a "buy" rating and a $28.00 price target on the stock. Finally, UBS Group reissued a "buy" rating on shares of Seaport Therapeutics in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.25.

Seaport Therapeutics Price Performance

The stock has a market capitalization of $1.05 billion and a P/E ratio of -1.62. The stock's 50 day simple moving average is $21.82.

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

Institutional Trading of Seaport Therapeutics

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

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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