Seaport Therapeutics (NASDAQ:SPTX) Stock Rated “Buy” in New Coverage at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Seaport Therapeutics (NASDAQ:SPTX) in a report issued on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $28.00 target price on the stock.

SPTX has been the subject of a number of other reports. UBS Group restated a “buy” rating on shares of Seaport Therapeutics in a research note on Thursday, October 8th. Raymond James Financial initiated coverage on shares of Seaport Therapeutics in a research note on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a research note on Thursday, October 8th. Weiss Ratings downgraded shares of Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Finally, JonesTrading initiated coverage on shares of Seaport Therapeutics in a research report on Wednesday, August 26th. They set a “buy” rating and a $32.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Seaport Therapeutics Price Performance

Shares of SPTX opened at $17.83 on Wednesday. Seaport Therapeutics has a one year low of $14.85 and a one year high of $28.38. The business has a fifty day moving average price of $21.93.

Seaport Therapeutics (NASDAQ:SPTX) last posted its quarterly earnings data 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 will post -4.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Seaport Therapeutics

Large investors have recently added to or reduced their stakes in the company. State Street Corp purchased a new stake in shares of Seaport Therapeutics in the second quarter worth $1,448,000. The Manufacturers Life Insurance Company bought a new stake in shares of Seaport Therapeutics during the 2nd quarter valued at $1,793,000. Squarepoint Ops LLC purchased a new position in shares of Seaport Therapeutics during the 2nd quarter valued at $538,000. Citadel Advisors LLC purchased a new position in shares of Seaport Therapeutics during the 2nd quarter valued at $4,152,000. Finally, HighTower Advisors LLC purchased a new position in shares of Seaport Therapeutics during the 2nd quarter valued at $362,000.

About Seaport Therapeutics

Seaport Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for neuropsychiatric and neurological disorders. The company’s research emphasizes therapies that modulate the brain’s GABAergic system, which plays an important role in mood, anxiety, and other central nervous system functions.

Seaport’s drug-development programs are based on its Glyph platform, a technology designed to improve the delivery of small-molecule medicines to the brain and enable oral versions of therapies that may otherwise require intravenous or other forms of administration.