Seaport Therapeutics (NASDAQ:SPTX) Sees Strong Trading Volume Following Earnings Beat

Seaport Therapeutics, Inc. (NASDAQ:SPTX) shares saw strong trading volume on Monday following a better than expected earnings announcement. Approximately 248,934 shares were traded during trading, an increase of 12% from the average daily volume of 223,052 shares. The stock last traded at $20.40 and had previously closed at $19.60.

The company reported ($0.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.09.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SPTX shares. Wolfe Research began coverage on Seaport Therapeutics in a research note on Tuesday, July 7th. They issued a “hold” rating for the company. HC Wainwright reissued a “buy” rating and set a $50.00 price target on shares of Seaport Therapeutics in a research report on Thursday, October 8th. Seaport Research Partners set a $28.00 price objective on Seaport Therapeutics in a research note on Wednesday, October 14th. UBS Group reaffirmed a “buy” rating on shares of Seaport Therapeutics in a research report on Thursday, October 8th. Finally, Weiss Ratings cut Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. One investment 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.25.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. TRV GP VI LLC bought a new position in Seaport Therapeutics in the second quarter valued at approximately $44,769,742. Braidwell LP acquired a new position in shares of Seaport Therapeutics during the 2nd quarter worth approximately $10,860,000. Citadel Advisors LLC acquired a new position in shares of Seaport Therapeutics during the 2nd quarter worth approximately $4,152,000. The Manufacturers Life Insurance Company bought a new stake in shares of Seaport Therapeutics during the 2nd quarter worth approximately $1,793,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Seaport Therapeutics during the 2nd quarter worth approximately $1,629,000.

Seaport Therapeutics Stock Performance

The company has a market cap of $1.09 billion and a P/E ratio of -1.68. The company has a 50 day moving average of $21.16.

Seaport Therapeutics Company Profile

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.