Seaport Therapeutics (NASDAQ:SPTX) Stock Price Down 6.3% – Here’s What Happened

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s share price was down 6.3% during mid-day trading on Monday. The company traded as low as $20.03 and last traded at $20.16. Approximately 31,570 shares traded hands during trading, a decline of 86% from the average daily volume of 219,233 shares. The stock had previously closed at $21.52.

Wall Street Analysts Forecast Growth

SPTX has been the subject of a number of research analyst reports. JonesTrading assumed coverage on Seaport Therapeutics in a report on Wednesday, August 26th. They set a “buy” rating and a $32.00 price target for the company. Wolfe Research initiated coverage on shares of Seaport Therapeutics in a report on Tuesday, July 7th. They set a “hold” rating for the company. HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a report on Thursday, September 10th. Seaport Research Partners set a $46.00 price target on shares of Seaport Therapeutics in a research note on Friday. Finally, UBS Group cut Seaport Therapeutics to a “sell” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.57.

Seaport Therapeutics Stock Down 8.3%

The firm has a market capitalization of $1.06 billion and a price-to-earnings ratio of -1.63. The firm has a 50 day moving average of $22.87.

Seaport Therapeutics (NASDAQ:SPTX) last announced its earnings results on Monday, August 3rd. The company reported ($1.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.71) by ($1.07). Analysts anticipate that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current year.

Institutional Inflows and Outflows

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