Jones Trading initiated coverage of Seaport Therapeutics on Monday with a Buy rating and a $32 price target, positioning the stock roughly 29% above its last close of $24.83.
The brokerage highlighted Seaport's Glyph lymphatic-targeting prodrug platform, which includes GlyphAllo (SPT-300) and GlyphAgo (SPT-320), as key drivers of its valuation. Analyst Justin Walsh noted that GlyphAgo achieved therapeutic exposures in a Phase 1 trial using a seven-day dosing regimen without liver-related adverse events, targeting anxiety disorders through an oral prodrug of agomelatine.
Seaport's lead asset, GlyphAllo, is currently being evaluated in the ongoing BUOY-1 Phase 2b study for major depressive disorder, with interim results expected in the first half of 2027. The company's pipeline also includes additional programs under the Glyph platform, which Jones Trading described as a differentiated approach in central nervous system therapeutics.
Jones Trading's $32 target sits below the $30-$50 range set by other analysts. H.C. Wainwright reiterated a Buy rating with a $50 target, while Stifel maintained its Buy rating with a $30 target. The stock's 52-week high stands at $26.47.
InvestingPro assigned Seaport a "GREAT" financial health score despite the company remaining unprofitable. However, InvestingPro's Fair Value analysis indicated the stock may be overvalued at current levels, contrasting with the bullish outlooks from the initiating and covering analysts.
