Seaport Therapeutics (NASDAQ:SPTX) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Seaport Therapeutics (NASDAQ:SPTX) issued its quarterly earnings results on Monday. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.09, FiscalAI reports.

Seaport Therapeutics Price Performance

Shares of NASDAQ:SPTX traded up $1.18 during trading hours on Wednesday, hitting $21.38. The company’s stock had a trading volume of 20,418 shares, compared to its average volume of 225,600. The company’s fifty day moving average is $21.00. Seaport Therapeutics has a 52 week low of $14.85 and a 52 week high of $28.38. The firm has a market capitalization of $1.14 billion and a P/E ratio of -1.76.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Seaport Research Partners set a $28.00 price objective on shares of Seaport Therapeutics in a research note on Wednesday, October 14th. JonesTrading assumed coverage on Seaport Therapeutics in a research note on Wednesday, August 26th. They set a “buy” rating and a $32.00 target price on the stock. UBS Group reiterated a “buy” rating on shares of Seaport Therapeutics in a report on Thursday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $50.00 price target on shares of Seaport Therapeutics in a report on Thursday, October 8th. Finally, Canaccord Genuity Group began coverage on Seaport Therapeutics in a research note on Wednesday, October 14th. They set a “buy” rating and a $28.00 price target for the company. One equities 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.25.

Insider Activity

In other Seaport Therapeutics news, Director Denice Torres acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, November 3rd. The shares were purchased at an average cost of $19.86 per share, for a total transaction of $99,300.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $99,300. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Institutional Trading of Seaport Therapeutics

A number of hedge funds have recently bought and sold shares of the stock. TRV GP VI LLC purchased a new stake in shares of Seaport Therapeutics during the second quarter valued at about $44,769,742. Braidwell LP purchased a new position in shares of Seaport Therapeutics in the 2nd quarter worth approximately $10,860,000. Citadel Advisors LLC purchased a new position in shares of Seaport Therapeutics in the 2nd quarter worth approximately $4,152,000. The Manufacturers Life Insurance Company bought a new position in shares of Seaport Therapeutics during the 2nd quarter worth approximately $1,793,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Seaport Therapeutics during the 2nd quarter worth approximately $1,629,000.

Seaport Therapeutics Company Profile

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for central nervous system (CNS) disorders. The company uses its Glyph platform, a technology designed to create prodrugs that may improve the delivery, tolerability, and effectiveness of certain therapies, including treatments intended to reach the brain.

Seaport’s pipeline includes investigational therapies for neurological and neuropsychiatric conditions. Its programs have included GTX-102, an oral investigational medicine being developed for Angelman syndrome, a rare genetic neurodevelopmental disorder, as well as additional candidates aimed at addressing unmet needs in CNS care.

The company was established with support from PureTech Health and is headquartered in Boston, Massachusetts.