Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Up – Here’s What Happened

Seaport Therapeutics, Inc. (NASDAQ:SPTX) shares gapped up before the market opened 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 traded.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SPTX shares. Citigroup began coverage on Seaport Therapeutics in a report on Tuesday, May 26th. They issued a “buy” rating and a $35.00 target price on the stock. JonesTrading began coverage on Seaport Therapeutics in a research report on Wednesday, August 26th. They issued a “buy” rating and a $32.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Seaport Therapeutics in a research note on Thursday, September 10th. Leerink Partners assumed coverage on Seaport Therapeutics in a report on Tuesday, May 26th. They set an “outperform” rating and a $35.00 price objective on the stock. Finally, UBS Group lowered shares of Seaport Therapeutics to a “sell” rating in a research note on Tuesday, June 9th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.33.

Seaport Therapeutics Trading Down 2.3%

The firm has a market capitalization of $1.29 billion and a price-to-earnings ratio of -1.99. The firm has a 50-day simple moving average of $22.61.

Seaport Therapeutics (NASDAQ:SPTX) last posted its quarterly 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). Equities analysts predict that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Seaport Therapeutics news, Director Robert Hombach bought 13,000 shares of the stock in a transaction 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 purchase, the director directly owned 13,000 shares in the company, valued at $235,820. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of Seaport Therapeutics

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

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.