Seaport Therapeutics, Inc.’s Lock-Up Period Set To End Tomorrow (NASDAQ:SPTX)

Seaport Therapeutics’ (NASDAQ:SPTX) lock-up period is set to end on Wednesday, October 28th. Seaport Therapeutics had issued 14,160,000 shares in its public offering on May 1st. The total size of the offering was $254,880,000 based on an initial share price of $18.00. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Raymond James Financial began coverage on shares of Seaport Therapeutics in a report on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $50.00 price objective on shares of Seaport Therapeutics in a research note on Thursday, October 8th. JonesTrading started coverage on Seaport Therapeutics in a research report on Wednesday, August 26th. They set a “buy” rating and a $32.00 target price for the company. Wolfe Research initiated coverage on Seaport Therapeutics in a research report on Tuesday, July 7th. They set a “hold” rating for the company. Finally, UBS Group restated a “buy” rating on shares of Seaport Therapeutics in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Seaport Therapeutics has an average rating of “Moderate Buy” and an average target price of $37.25.

Seaport Therapeutics Stock Up 1.1%

Shares of NASDAQ:SPTX opened at $20.83 on Tuesday. Seaport Therapeutics has a 52-week low of $14.85 and a 52-week high of $28.38. The stock has a fifty day moving average of $21.52.

Seaport Therapeutics (NASDAQ:SPTX) last announced 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). Sell-side analysts predict that Seaport Therapeutics will post -4.52 EPS for the current year.

Hedge Funds Weigh In On Seaport Therapeutics

Institutional investors have recently bought and sold shares of the stock. State Street Corp bought a new position in Seaport Therapeutics during the 2nd quarter valued at approximately $1,448,000. The Manufacturers Life Insurance Company bought a new stake in Seaport Therapeutics in the second quarter worth $1,793,000. Squarepoint Ops LLC purchased a new stake in shares of Seaport Therapeutics in the second quarter worth $538,000. Citadel Advisors LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at $4,152,000. Finally, HighTower Advisors LLC bought a new position in shares of Seaport Therapeutics during the second quarter valued at $362,000.

About Seaport Therapeutics

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for central nervous system (CNS) disorders. The company uses its Glyph platform, a technology designed to create prodrugs that may improve the delivery, tolerability, and effectiveness of certain therapies, including treatments intended to reach the brain.

Seaport’s pipeline includes investigational therapies for neurological and neuropsychiatric conditions. Its programs have included GTX-102, an oral investigational medicine being developed for Angelman syndrome, a rare genetic neurodevelopmental disorder, as well as additional candidates aimed at addressing unmet needs in CNS care.

The company was established with support from PureTech Health and is headquartered in Boston, Massachusetts.