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

Seaport Therapeutics, Inc. (NASDAQ:SPTX) rose 3.6% during trading on Wednesday. The stock traded as high as $18.00 and last traded at $17.99. 29,204 shares changed hands during trading, a decline of 87% from the average session volume of 224,170 shares. The stock had previously closed at $17.37.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wolfe Research began coverage on shares of Seaport Therapeutics in a report on Tuesday, July 7th. They set a “hold” rating for the company. Raymond James Financial started coverage on Seaport Therapeutics in a research report on Friday, September 25th. They set a “strong-buy” rating and a $46.00 price target on the stock. JonesTrading assumed coverage on Seaport Therapeutics in a research note on Wednesday, August 26th. They set a “buy” rating and a $32.00 price objective for the company. Weiss Ratings cut Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Finally, Seaport Research Partners set a $46.00 target price on Seaport Therapeutics in a research note on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.57.

Seaport Therapeutics Price Performance

The company’s 50 day simple moving average is $22.58. The stock has a market cap of $945.36 million and a PE ratio of -1.46.

Seaport Therapeutics (NASDAQ:SPTX) last announced 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). On average, research analysts anticipate that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current year.

Hedge Funds Weigh In On Seaport Therapeutics

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

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.