Seaport Therapeutics, Inc.’s Lock-Up Period Will End on October 28th (NASDAQ:SPTX)

Seaport Therapeutics’ (NASDAQ:SPTX) lock-up period will expire on Wednesday, October 28th. Seaport Therapeutics had issued 14,160,000 shares in its public offering on May 1st. The total size of the offering was $254,880,000 based on an initial share price of $18.00. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SPTX. Wolfe Research assumed coverage on Seaport Therapeutics in a report on Tuesday, July 7th. They set a “hold” rating 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. Canaccord Genuity Group began coverage on Seaport Therapeutics in a research report on Wednesday, October 14th. They set a “buy” rating and a $28.00 price target for the company. Seaport Research Partners set a $28.00 price target on shares of Seaport Therapeutics in a research report on Wednesday, October 14th. Finally, JonesTrading initiated coverage on shares of Seaport Therapeutics in a research note on Wednesday, August 26th. They set a “buy” rating and a $32.00 target price for the company. One 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. Based on data from MarketBeat, Seaport Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $37.25.

Seaport Therapeutics Stock Performance

Shares of NASDAQ SPTX opened at $20.61 on Friday. The firm has a market capitalization of $1.10 billion and a P/E ratio of -1.70. Seaport Therapeutics has a 12 month low of $14.85 and a 12 month high of $28.38. The business’s 50-day simple moving average is $21.53.

Seaport Therapeutics (NASDAQ:SPTX) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($1.78) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($1.07). As a group, equities research analysts forecast that Seaport Therapeutics will post -4.52 EPS for the current year.

Hedge Funds Weigh In On Seaport Therapeutics

Institutional investors have recently modified their holdings of the company. State Street Corp purchased a new position in Seaport Therapeutics during the 2nd quarter valued at about $1,448,000. The Manufacturers Life Insurance Company purchased a new position in Seaport Therapeutics during the second quarter valued at $1,793,000. Squarepoint Ops LLC bought a new stake in Seaport Therapeutics during the second quarter worth about $538,000. Citadel Advisors LLC bought a new stake in shares of Seaport Therapeutics in the 2nd quarter worth approximately $4,152,000. Finally, HighTower Advisors LLC bought a new stake in Seaport Therapeutics in the second quarter worth $362,000.

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.