Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Down – What’s Next?

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price gapped down prior to trading on Wednesday. The stock had previously closed at $19.64, but opened at $18.85. Seaport Therapeutics shares last traded at $18.49, with a volume of 10,399 shares traded.

Wall Street Analyst Weigh In

SPTX has been the topic of several analyst reports. JonesTrading assumed coverage on Seaport Therapeutics in a research report on Wednesday, August 26th. They issued a “buy” rating and a $32.00 target price on the stock. Raymond James Financial initiated coverage on Seaport Therapeutics in a report on Friday, September 25th. They set a “strong-buy” rating and a $46.00 price target on the stock. Weiss Ratings lowered shares of Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday. Seaport Research Partners set a $46.00 price target on Seaport Therapeutics in a research note on Friday, September 25th. Finally, HC Wainwright restated a “buy” rating and set a $50.00 price target on shares of Seaport Therapeutics in a report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Seaport Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $38.57.

Seaport Therapeutics Price Performance

The stock has a market cap of $1.03 billion and a price-to-earnings ratio of -1.59. The stock’s 50 day simple moving average is $22.80.

Seaport Therapeutics (NASDAQ:SPTX) last released its earnings results on Monday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($1.07). As a group, sell-side analysts expect that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. HighTower Advisors LLC acquired a new position in Seaport Therapeutics during the 2nd quarter valued at $362,000. Squarepoint Ops LLC acquired a new position in Seaport Therapeutics in the 2nd quarter valued at approximately $538,000. State Street Corp bought a new stake in shares of Seaport Therapeutics in the 2nd quarter worth approximately $1,448,000. Alyeska Investment Group L.P. bought a new stake in shares of Seaport Therapeutics in the 2nd quarter worth approximately $1,629,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Seaport Therapeutics during the 2nd quarter worth approximately $1,793,000.

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.