Seaport Therapeutics (NASDAQ:SPTX) Stock Price Up 4.6% – Here’s Why

Shares of Seaport Therapeutics, Inc. (NASDAQ:SPTX) shot up 4.6% during trading on Thursday . The stock traded as high as $23.07 and last traded at $22.74. Approximately 75,187 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 203,665 shares. The stock had previously closed at $21.75.

Analysts Set New Price Targets

SPTX has been the topic of a number of research reports. Citigroup started coverage on shares of Seaport Therapeutics in a research note on Tuesday, May 26th. They issued a “buy” rating and a $35.00 price objective on the stock. Seaport Research Partners set a $32.00 price target on shares of Seaport Therapeutics in a report on Tuesday, August 25th. Wolfe Research initiated coverage on Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating on the stock. Stifel Nicolaus initiated coverage on Seaport Therapeutics in a research note on Tuesday, May 26th. They set a “buy” rating and a $30.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a report on Thursday. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Seaport Therapeutics has a consensus rating of “Hold” and a consensus price target of $37.33.

Seaport Therapeutics Stock Performance

The company has a market cap of $1.24 billion and a price-to-earnings ratio of -1.91. The stock has a 50-day moving average of $22.39.

Seaport Therapeutics (NASDAQ:SPTX) last posted its earnings results on Monday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($1.07). On average, equities analysts expect that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert Hombach acquired 13,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $235,820. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Investors Weigh In On Seaport Therapeutics

Institutional investors have recently modified their holdings of the business. HighTower Advisors LLC purchased a new position in shares of Seaport Therapeutics in the 2nd quarter valued at about $362,000. Squarepoint Ops LLC acquired a new position in Seaport Therapeutics in the 2nd quarter worth about $538,000. Alyeska Investment Group L.P. purchased a new position in Seaport Therapeutics during the second quarter worth approximately $1,629,000. The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics during the second quarter worth approximately $1,793,000. Finally, Citadel Advisors LLC acquired a new stake in Seaport Therapeutics in the second quarter valued at approximately $4,152,000.

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.