Seaport Therapeutics (NASDAQ:SPTX) Sets New 52-Week High – Here’s Why

Seaport Therapeutics, Inc. (NASDAQ:SPTX) shares hit a new 52-week high during trading on Monday . The company traded as high as $26.47 and last traded at $25.38, with a volume of 4329 shares trading hands. The stock had previously closed at $24.31.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings began coverage on shares of Seaport Therapeutics in a research report on Tuesday, August 11th. They issued a “sell (d+)” rating for the company. UBS Group downgraded shares of Seaport Therapeutics to a “sell” rating in a research report on Tuesday, June 9th. Seaport Research Partners set a $50.00 price target on shares of Seaport Therapeutics in a research note on Wednesday, July 15th. BNP Paribas Exane lowered shares of Seaport Therapeutics to a “market perform” rating in a research note on Tuesday, May 26th. Finally, HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a report on Thursday. Five 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 company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.40.

Seaport Therapeutics Stock Down 2.6%

The firm’s 50-day simple moving average is $21.04. The stock has a market cap of $1.27 billion and a P/E ratio of -1.95.

Seaport Therapeutics (NASDAQ:SPTX) last announced its quarterly earnings data 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). Analysts forecast that Seaport Therapeutics, Inc. will post -4.6 EPS for the current fiscal year.

Insider Buying and Selling

In other Seaport Therapeutics news, Director Robert J. 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

Several hedge funds have recently made changes to their positions in the business. TRV GP VI LLC bought a new stake in shares of Seaport Therapeutics in the 2nd quarter worth approximately $44,769,742,000. Braidwell LP bought a new stake in Seaport Therapeutics during the second quarter worth approximately $10,860,000. Finally, Alyeska Investment Group L.P. bought a new stake in Seaport Therapeutics during the second quarter worth approximately $1,629,000.

About Seaport Therapeutics

Seaport Therapeutics Inc is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety and other debilitating neuropsychiatric disorders. Seaport Therapeutics Inc is based in BOSTON.