Seaport Therapeutics, Inc. (NASDAQ:SPTX) Sees Large Increase in Short Interest

Seaport Therapeutics, Inc. (NASDAQ:SPTX) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totaling 1,459,469 shares, an increase of ? from the April 30th total of 0 shares. Based on an average trading volume of 850,464 shares, the short-interest ratio is presently 1.7 days. Approximately 2.8% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPTX. Citigroup started coverage on shares of Seaport Therapeutics in a report on Tuesday, May 26th. They set a “buy” rating and a $35.00 price objective for the company. Zacks Research upgraded Seaport Therapeutics to a “hold” rating in a research note on Wednesday, May 27th. Stifel Nicolaus began coverage on Seaport Therapeutics in a research note on Tuesday, May 26th. They set a “buy” rating and a $30.00 price objective on the stock. Leerink Partners began coverage on Seaport Therapeutics in a report on Tuesday, May 26th. They set an “outperform” rating and a $35.00 target price on the stock. Finally, BNP Paribas Exane lowered Seaport Therapeutics to a “market perform” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.50.

Seaport Therapeutics Price Performance

NASDAQ:SPTX traded down $1.06 during midday trading on Tuesday, hitting $17.13. 123,692 shares of the stock were exchanged, compared to its average volume of 356,850. Seaport Therapeutics has a one year low of $14.85 and a one year high of $23.00.

Insider Buying and Selling

In other Seaport Therapeutics news, major shareholder Arch Venture Partners Xii, Llc acquired 1,100,000 shares of the stock in a transaction dated Monday, May 4th. The stock was acquired at an average price of $18.00 per share, with a total value of $19,800,000.00. Following the completion of the transaction, the insider directly owned 6,294,951 shares in the company, valued at approximately $113,309,118. This trade represents a 21.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.