Seaport Therapeutics (NASDAQ:SPTX) Shares Gap Down – Here’s Why

Seaport Therapeutics, Inc. (NASDAQ:SPTX)’s stock price gapped down before the market opened on Friday. The stock had previously closed at $21.31, but opened at $20.10. Seaport Therapeutics shares last traded at $20.26, with a volume of 10,755 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. UBS Group reaffirmed a “buy” rating on shares of Seaport Therapeutics in a research note on Thursday, October 8th. Canaccord Genuity Group assumed coverage on shares of Seaport Therapeutics in a research note on Wednesday, October 14th. They issued a “buy” rating and a $28.00 target price on the stock. Seaport Research Partners set a $28.00 price target on shares of Seaport Therapeutics in a report on Wednesday, October 14th. JPMorgan Chase & Co. boosted their price target on shares of Seaport Therapeutics from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, November 5th. Finally, Raymond James Financial assumed coverage on shares of Seaport Therapeutics in a report on Friday, September 25th. They issued a “strong-buy” rating and a $46.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Seaport Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $37.12.

Seaport Therapeutics Stock Performance

The firm has a market cap of $1.07 billion and a PE ratio of -1.58. The firm’s 50-day moving average price is $20.46.

Seaport Therapeutics (NASDAQ:SPTX) last announced its earnings results on Monday, November 2nd. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.09. Equities analysts expect that Seaport Therapeutics, Inc. will post -4.30 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Denice Torres purchased 5,000 shares of the stock in a transaction on Tuesday, November 3rd. The shares were acquired at an average price of $19.86 per share, for a total transaction of $99,300.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $99,300. This trade represents a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Hedge Funds Weigh In On Seaport Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SPTX. TRV GP VI LLC bought a new position in Seaport Therapeutics during the second quarter valued at approximately $44,769,742. Braidwell LP purchased a new stake in shares of Seaport Therapeutics in the 2nd quarter valued at $10,860,000. Citadel Advisors LLC purchased a new stake in shares of Seaport Therapeutics in the 2nd quarter valued at $4,152,000. State Street Corp grew its holdings in shares of Seaport Therapeutics by 276.3% during the 3rd quarter. State Street Corp now owns 250,798 shares of the company’s stock valued at $5,059,000 after purchasing an additional 184,148 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Seaport Therapeutics during the 2nd quarter valued at $1,793,000.

Seaport Therapeutics Company Profile

Seaport Therapeutics is a clinical-stage biopharmaceutical company developing medicines for neuropsychiatric disorders. The company uses its Glyph platform to design oral prodrugs intended to improve the delivery of therapies that can be difficult to administer or absorb by mouth. Its pipeline includes SPT-300, an oral prodrug of allopregnanolone being developed for depression. Seaport was launched in 2024 and is headquartered in Boston, Massachusetts. Its leadership includes founder and Chief Executive Officer Daphne Zohar.