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

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price gapped down before the market opened 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 trading hands.

Analyst Ratings Changes

A number of research firms have issued reports on SPTX. Raymond James Financial initiated coverage on shares of Seaport Therapeutics in a report on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $50.00 price target on shares of Seaport Therapeutics in a report on Thursday, September 10th. Seaport Research Partners set a $46.00 price objective on shares of Seaport Therapeutics in a report on Friday, September 25th. Weiss Ratings cut Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday. Finally, UBS Group lowered Seaport Therapeutics to a “sell” rating in a research report on Tuesday, June 9th. One research 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.57.

Seaport Therapeutics Price Performance

The firm has a market capitalization of $1.03 billion and a PE ratio of -1.59. The business’s fifty day moving average is $22.80.

Seaport Therapeutics (NASDAQ:SPTX) last released its quarterly earnings results on Monday, August 3rd. The company reported ($1.78) EPS for the quarter, missing the consensus estimate of ($0.71) by ($1.07). Equities analysts predict that Seaport Therapeutics, Inc. will post -4.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Seaport Therapeutics

Institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new stake in Seaport Therapeutics in the second quarter valued at $362,000. Squarepoint Ops LLC purchased a new stake in Seaport Therapeutics in the 2nd quarter valued at about $538,000. State Street Corp purchased a new stake in shares of Seaport Therapeutics during the 2nd quarter valued at $1,448,000. Alyeska Investment Group L.P. acquired a new stake in Seaport Therapeutics during the second quarter worth about $1,629,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics in the second quarter valued at approximately $1,793,000.

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.