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

Seaport Therapeutics, Inc. (NASDAQ:SPTX) shares saw unusually-high trading volume on Monday following a better than expected earnings announcement. Approximately 248,934 shares traded hands 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.09.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPTX. Seaport Research Partners set a $28.00 price objective on Seaport Therapeutics in a report on Wednesday, October 14th. UBS Group reiterated a “buy” rating on shares of Seaport Therapeutics in a research report on Thursday, October 8th. JonesTrading initiated coverage on Seaport Therapeutics in a research note on Wednesday, August 26th. They issued a “buy” rating and a $32.00 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, October 8th. Finally, Weiss Ratings cut shares of Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Seaport Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.25.

Hedge Funds Weigh In On Seaport Therapeutics

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

Seaport Therapeutics Trading Up 4.1%

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 price of $21.16.

About Seaport Therapeutics

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.