Seaport Therapeutics (NASDAQ:SPTX) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Seaport Therapeutics (NASDAQ:SPTX) in a research note issued on Wednesday, Benzinga reports. The brokerage set a “buy” rating and a $28.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 74.13% from the company’s previous close.

SPTX has been the topic of a number of other reports. UBS Group reissued a “buy” rating on shares of Seaport Therapeutics in a report on Thursday, October 8th. Weiss Ratings lowered shares of Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. JonesTrading started coverage on shares of Seaport Therapeutics in a report on Wednesday, August 26th. They issued a “buy” rating and a $32.00 price target for the company. Wolfe Research began coverage on shares of Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating for the company. Finally, Raymond James Financial initiated coverage on shares of Seaport Therapeutics in a research note on Friday, September 25th. They set a “strong-buy” rating and a $46.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Seaport Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Seaport Therapeutics Trading Down 6.2%

Shares of SPTX opened at $16.08 on Wednesday. The stock’s fifty day moving average price is $22.27. Seaport Therapeutics has a 12-month low of $14.85 and a 12-month high of $28.38.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp bought a new stake in shares of Seaport Therapeutics during the second quarter valued at approximately $1,448,000. The Manufacturers Life Insurance Company acquired a new position in shares of Seaport Therapeutics during the second quarter worth approximately $1,793,000. Squarepoint Ops LLC acquired a new position in shares of Seaport Therapeutics during the second quarter worth approximately $538,000. Citadel Advisors LLC bought a new position in Seaport Therapeutics in the 2nd quarter worth approximately $4,152,000. Finally, HighTower Advisors LLC bought a new position in Seaport Therapeutics in the 2nd quarter worth approximately $362,000.

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.