Seaport Therapeutics (NASDAQ:SPTX) Posts Quarterly Earnings Results

Seaport Therapeutics (NASDAQ:SPTX) announced its earnings results on Monday. The company reported ($0.49) earnings per share (EPS) for the quarter, FiscalAI reports.

Seaport Therapeutics Stock Performance

NASDAQ SPTX opened at $19.60 on Monday. The company has a fifty day moving average price of $21.16. The firm has a market cap of $1.05 billion and a P/E ratio of -1.62. Seaport Therapeutics has a one year low of $14.85 and a one year high of $28.38.

Analysts Set New Price Targets

A number of research firms have weighed in on SPTX. JonesTrading started coverage on shares of Seaport Therapeutics in a research report on Wednesday, August 26th. They set a “buy” rating and a $32.00 price objective for the company. Canaccord Genuity Group began coverage on shares of Seaport Therapeutics in a research report on Wednesday, October 14th. They issued a “buy” rating and a $28.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $50.00 target price on shares of Seaport Therapeutics in a research note on Thursday, October 8th. Raymond James Financial assumed coverage on shares of Seaport Therapeutics in a research report on Friday, September 25th. They set a “strong-buy” rating and a $46.00 price target for the company. Finally, UBS Group reaffirmed a “buy” rating on shares of Seaport Therapeutics in a research note on Thursday, October 8th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Institutional Investors Weigh In On Seaport Therapeutics

A number of large investors have recently modified their holdings of SPTX. HighTower Advisors LLC acquired a new stake in shares of Seaport Therapeutics in the second quarter valued at about $362,000. Squarepoint Ops LLC acquired a new stake in Seaport Therapeutics in the 2nd quarter valued at about $538,000. State Street Corp acquired a new stake in Seaport Therapeutics in the 2nd quarter valued at about $1,448,000. Alyeska Investment Group L.P. purchased a new position in Seaport Therapeutics in the 2nd quarter worth approximately $1,629,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics in the 2nd quarter worth 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 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.