Seaport Therapeutics (NASDAQ:SPTX) Shares Climb 10.3% – Time to Buy?

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Raymond James Financial began coverage on shares of Seaport Therapeutics in a report on Friday, September 25th. They set a “strong-buy” rating and a $46.00 target price on the stock. Wolfe Research assumed coverage on Seaport Therapeutics in a research note on Tuesday, July 7th. They issued a “hold” rating on the stock. UBS Group reissued a “buy” rating on shares of Seaport Therapeutics in a report on Thursday, October 8th. Canaccord Genuity Group started coverage on Seaport Therapeutics in a report on Wednesday, October 14th. They issued a “buy” rating and a $28.00 price target for the company. Finally, Weiss Ratings lowered Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has assigned 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 $37.25.

Seaport Therapeutics Stock Up 10.3%

The company’s fifty day moving average is $21.82. The company has a market capitalization of $1.05 billion and a P/E ratio of -1.62.

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

Institutional Investors Weigh In On Seaport Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC acquired a new position in shares of Seaport Therapeutics during the second quarter valued at $362,000. Squarepoint Ops LLC acquired a new stake in shares of Seaport Therapeutics in the 2nd quarter worth about $538,000. State Street Corp acquired a new stake in shares of Seaport Therapeutics in the 2nd quarter worth about $1,448,000. Alyeska Investment Group L.P. bought a new stake in Seaport Therapeutics in the 2nd quarter valued at about $1,629,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Seaport Therapeutics in the 2nd quarter valued at about $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.