Seaport Therapeutics (NASDAQ:SPTX) Shares Up 3.6% – Still a Buy?

Shares of Seaport Therapeutics, Inc. (NASDAQ:SPTX) shot up 3.6% on Wednesday. The company traded as high as $16.79 and last traded at $16.66. Approximately 42,924 shares traded hands during trading, a decline of 81% from the average daily volume of 222,797 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

SPTX has been the topic of several recent research reports. Weiss Ratings lowered Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. HC Wainwright restated a “buy” rating and set a $50.00 price objective on shares of Seaport Therapeutics in a report on Thursday, October 8th. Seaport Research Partners set a $28.00 price objective on Seaport Therapeutics in a report on Wednesday. Wolfe Research began coverage on Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating on the stock. Finally, Canaccord Genuity Group assumed coverage on Seaport Therapeutics in a report on Wednesday. They issued a “buy” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.25.

Seaport Therapeutics Stock Performance

The business’s 50-day moving average price is $22.04.

Seaport Therapeutics (NASDAQ:SPTX) last released its quarterly earnings results 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). Equities analysts predict that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPTX. TRV GP VI LLC purchased a new position in Seaport Therapeutics during the 2nd quarter worth $44,769,742. Citadel Advisors LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at about $4,152,000. The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics during the second quarter worth about $1,793,000. State Street Corp purchased a new stake in Seaport Therapeutics in the 2nd quarter valued at about $1,448,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Seaport Therapeutics in the 2nd quarter valued at about $1,629,000.

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.