Seaport Therapeutics, Inc. (NASDAQ:SPTX – Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totaling 1,459,469 shares, a growth of ∞ from the April 30th total of 0 shares. Based on an average trading volume of 850,464 shares, the days-to-cover ratio is currently 1.7 days. Currently, 2.8% of the company’s shares are sold short.
Insider Buying and Selling
In other news, major shareholder Arch Venture Partners Xii, Llc bought 1,100,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was bought at an average cost of $18.00 per share, for a total transaction of $19,800,000.00. Following the acquisition, the insider directly owned 6,294,951 shares of the company’s stock, valued at $113,309,118. The trade was a 21.17% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.
Analyst Ratings Changes
SPTX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Seaport Therapeutics in a report on Tuesday, May 26th. They set an “overweight” rating and a $42.00 target price for the company. BNP Paribas Exane cut Seaport Therapeutics to a “market perform” rating in a report on Tuesday, May 26th. Citigroup assumed coverage on Seaport Therapeutics in a report on Tuesday, May 26th. They set a “buy” rating and a $35.00 target price for the company. Zacks Research upgraded Seaport Therapeutics to a “hold” rating in a research note on Wednesday, May 27th. Finally, Leerink Partners assumed coverage on Seaport Therapeutics in a research note on Tuesday, May 26th. They issued an “outperform” rating and a $35.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Seaport Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.50.
Seaport Therapeutics Stock Performance
Shares of SPTX opened at $17.21 on Wednesday. Seaport Therapeutics has a 1 year low of $14.85 and a 1 year high of $23.00.
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