Seaport Therapeutics (NASDAQ:SPTX) Trading Up 6.4% – Here’s What Happened

Seaport Therapeutics, Inc. (NASDAQ:SPTX) rose 6.4% during trading on Wednesday . The stock traded as high as $26.48 and last traded at $26.41. 33,959 shares traded hands during trading, a decline of 84% from the average session volume of 210,423 shares. The stock had previously closed at $24.83.

Analysts Set New Price Targets

Several brokerages have issued reports on SPTX. HC Wainwright reiterated a “buy” rating and set a $50.00 target price on shares of Seaport Therapeutics in a research report on Thursday, August 20th. Leerink Partners assumed coverage on shares of Seaport Therapeutics in a report on Tuesday, May 26th. They issued an “outperform” rating and a $35.00 price target on the stock. JonesTrading initiated coverage on shares of Seaport Therapeutics in a research report on Wednesday. They set a “buy” rating and a $32.00 price objective on the stock. Citigroup assumed 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. Finally, Seaport Research Partners set a $32.00 target price on shares of Seaport Therapeutics in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $37.33.

Seaport Therapeutics Trading Down 5.7%

The stock has a market cap of $1.41 billion and a P/E ratio of -2.17. The stock has a 50-day moving average of $21.69.

Seaport Therapeutics (NASDAQ:SPTX) last issued its quarterly earnings results 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, research analysts anticipate that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current fiscal year.

Insider Activity

In other Seaport Therapeutics news, Director Robert J. Hombach bought 13,000 shares of Seaport Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $18.14 per share, with a total value of $235,820.00. Following the acquisition, the director owned 13,000 shares in the company, valued at approximately $235,820. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of Seaport Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at about $362,000. Alyeska Investment Group L.P. bought a new stake in shares of Seaport Therapeutics in the 2nd quarter valued at about $1,629,000. Braidwell LP purchased a new stake in Seaport Therapeutics during the 2nd quarter valued at about $10,860,000. Finally, TRV GP VI LLC bought a new position in Seaport Therapeutics during the 2nd quarter worth approximately $44,769,742,000.

Seaport Therapeutics Company Profile

Seaport Therapeutics Inc is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety and other debilitating neuropsychiatric disorders. Seaport Therapeutics Inc is based in BOSTON.