Seaport Therapeutics (NASDAQ:SPTX) Sets New 12-Month High – Here’s Why

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $24.65 and last traded at $24.65, with a volume of 845 shares traded. The stock had previously closed at $23.36.

Wall Street Analysts Forecast Growth

SPTX has been the topic of several recent research reports. JPMorgan Chase & Co. started coverage on shares of Seaport Therapeutics in a research note on Tuesday, May 26th. They issued an “overweight” rating and a $42.00 target price on the stock. UBS Group downgraded shares of Seaport Therapeutics to a “sell” rating in a research note on Tuesday, June 9th. HC Wainwright restated a “buy” rating and issued a $50.00 price objective on shares of Seaport Therapeutics in a report on Tuesday, August 4th. BNP Paribas Exane lowered shares of Seaport Therapeutics to a “market perform” rating in a report on Tuesday, May 26th. Finally, Citigroup initiated coverage on shares of Seaport Therapeutics in a research report on Tuesday, May 26th. They set a “buy” rating and a $35.00 target price for the company. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Seaport Therapeutics currently has an average rating of “Hold” and an average target price of $38.40.

Seaport Therapeutics Trading Down 0.4%

The company has a market capitalization of $1.27 billion and a PE ratio of -1.96. The business’s 50 day moving average price is $20.20.

Seaport Therapeutics (NASDAQ:SPTX) last posted its earnings results on Monday, August 3rd. The company reported ($1.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.71) by ($1.07). As a group, research analysts expect that Seaport Therapeutics, Inc. will post -4.6 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert J. Hombach acquired 13,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average price of $18.14 per share, for a total transaction of $235,820.00. Following the completion of the acquisition, the director owned 13,000 shares in the company, valued at $235,820. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On Seaport Therapeutics

A hedge fund recently bought a new stake in Seaport Therapeutics stock. TRV GP VI LLC purchased a new stake in Seaport Therapeutics, Inc. (NASDAQ:SPTX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,061,222 shares of the company’s stock, valued at approximately $44,769,742,000. Seaport Therapeutics accounts for 19.3% of TRV GP VI LLC’s holdings, making the stock its 2nd largest position. TRV GP VI LLC owned approximately 3.85% of Seaport Therapeutics at the end of the most recent quarter.

About Seaport Therapeutics

Seaport Therapeutics Inc is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety and other debilitating neuropsychiatric disorders. Seaport Therapeutics Inc is based in BOSTON.