Seaport Therapeutics (NASDAQ:SPTX) Stock Falls 6.3% – Time to Sell?

Seaport Therapeutics, Inc. (NASDAQ:SPTX) was down 6.3% on Monday. The stock traded as low as $20.03 and last traded at $20.16. 31,570 shares were traded during trading, a decline of 86% from the average session volume of 219,233 shares. The stock had previously closed at $21.52.

Wall Street Analyst Weigh In

Several research firms have commented on SPTX. UBS Group cut Seaport Therapeutics to a “sell” rating in a report on Tuesday, June 9th. JonesTrading initiated coverage on shares of Seaport Therapeutics in a report on Wednesday, August 26th. They set a “buy” rating and a $32.00 price objective on the stock. Raymond James Financial assumed coverage on shares of Seaport Therapeutics in a research report on Friday. They issued a “strong-buy” rating and a $46.00 target price on the stock. Wolfe Research assumed coverage on shares of Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating for the company. Finally, Weiss Ratings began coverage on Seaport Therapeutics in a report on Tuesday, August 11th. They set a “sell (d+)” rating for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.57.

Seaport Therapeutics Trading Down 8.3%

The firm has a market cap of $1.06 billion and a PE ratio of -1.63. The stock has a 50 day moving average price of $22.87.

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). Equities research analysts predict that Seaport Therapeutics, Inc. will post -4.6 EPS for the current fiscal year.

Institutional Trading of Seaport Therapeutics

Large investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC acquired a new position in shares of Seaport Therapeutics in the 2nd quarter worth $362,000. Squarepoint Ops LLC acquired a new stake in Seaport Therapeutics during the 2nd quarter worth about $538,000. State Street Corp purchased a new stake in Seaport Therapeutics during the second quarter valued at about $1,448,000. Alyeska Investment Group L.P. purchased a new stake in Seaport Therapeutics during the second quarter valued at about $1,629,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Seaport Therapeutics in the second quarter worth about $1,793,000.

About Seaport Therapeutics

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.