Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Up – Should You Buy?

Seaport Therapeutics, Inc. (NASDAQ:SPTX) gapped up prior to trading on Tuesday . The stock had previously closed at $23.34, but opened at $24.56. Seaport Therapeutics shares last traded at $24.63, with a volume of 3,678 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $50.00 price objective on shares of Seaport Therapeutics in a research note on Thursday, September 10th. JPMorgan Chase & Co. started coverage on shares of Seaport Therapeutics in a report on Tuesday, May 26th. They set an “overweight” rating and a $42.00 target price on the stock. UBS Group downgraded shares of Seaport Therapeutics to a “sell” rating in a research report on Tuesday, June 9th. Stifel Nicolaus started coverage on shares of Seaport Therapeutics in a report on Tuesday, May 26th. They issued a “buy” rating and a $30.00 price target for the company. Finally, BNP Paribas Exane lowered shares of Seaport Therapeutics to a “market perform” rating in a report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $37.33.

Seaport Therapeutics Stock Down 3.6%

The company has a market cap of $1.19 billion and a price-to-earnings ratio of -1.83. The company has a 50-day moving average of $22.72.

Seaport Therapeutics (NASDAQ:SPTX) last released its quarterly earnings data 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). As a group, equities research analysts expect that Seaport Therapeutics, Inc. will post -4.6 EPS for the current year.

Insider Activity

In other news, Director Robert Hombach purchased 13,000 shares of Seaport Therapeutics stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $18.14 per share, with a total value of $235,820.00. Following the completion of the acquisition, the director owned 13,000 shares in the company, valued at $235,820. The trade was a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Trading of Seaport Therapeutics

Several hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new position in Seaport Therapeutics during the 2nd quarter valued at about $1,793,000. Squarepoint Ops LLC acquired a new stake in shares of Seaport Therapeutics in the second quarter valued at approximately $538,000. Citadel Advisors LLC acquired a new stake in shares of Seaport Therapeutics in the second quarter valued at approximately $4,152,000. HighTower Advisors LLC bought a new stake in shares of Seaport Therapeutics during the second quarter valued at approximately $362,000. Finally, Braidwell LP bought a new stake in shares of Seaport Therapeutics during the second quarter valued at approximately $10,860,000.

Seaport Therapeutics Company Profile

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for central nervous system (CNS) disorders. The company is working to advance treatments for conditions in areas such as psychiatry and neurology, with the goal of addressing significant limitations associated with existing therapies.

Seaport’s drug-development efforts are supported by its proprietary Glyph platform, which is designed to enable oral delivery of therapeutics that have historically required injection or infusion.