Seaport Therapeutics (NASDAQ:SPTX) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Seaport Therapeutics (NASDAQ:SPTX) posted its quarterly earnings results on Monday. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.09, FiscalAI reports.

Seaport Therapeutics Trading Up 2.1%

NASDAQ SPTX opened at $20.01 on Tuesday. Seaport Therapeutics has a 1 year low of $14.85 and a 1 year high of $28.38. The business has a 50-day simple moving average of $21.07.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SPTX. UBS Group reiterated a “buy” rating on shares of Seaport Therapeutics in a research report on Thursday, October 8th. Weiss Ratings cut shares of Seaport Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Wolfe Research assumed coverage on shares of Seaport Therapeutics in a research note on Tuesday, July 7th. They issued a “hold” rating on the stock. Raymond James Financial started coverage on shares of Seaport Therapeutics in a research note on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 target price on the stock. Finally, Seaport Research Partners set a $28.00 price target on shares of Seaport Therapeutics in a report on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPTX. Alps Advisors Inc. increased its stake in shares of Seaport Therapeutics by 30.5% during the third quarter. Alps Advisors Inc. now owns 70,921 shares of the company’s stock valued at $1,430,000 after buying an additional 16,593 shares during the period. State Street Corp bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $1,448,000. The Manufacturers Life Insurance Company bought a new position in shares of Seaport Therapeutics during the second quarter valued at approximately $1,793,000. Squarepoint Ops LLC purchased a new stake in Seaport Therapeutics in the second quarter worth $538,000. Finally, Citadel Advisors LLC purchased a new stake in Seaport Therapeutics in the second quarter worth $4,152,000.

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.