Shattuck Labs (NASDAQ:STTK) Trading Up 8.4% – Here’s Why

Shattuck Labs, Inc. (NASDAQ:STTK) shares traded up 8.4% on Thursday . The stock traded as high as $7.59 and last traded at $7.61. 685,924 shares were traded during trading, an increase of 4% from the average session volume of 660,292 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. TD Cowen reiterated a “buy” rating on shares of Shattuck Labs in a research note on Friday, March 6th. Wedbush increased their price target on shares of Shattuck Labs from $4.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Citigroup increased their price target on shares of Shattuck Labs from $4.00 to $7.00 and gave the stock a “neutral” rating in a report on Friday, March 13th. Wall Street Zen raised shares of Shattuck Labs from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Shattuck Labs in a report on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.50.

Shattuck Labs Stock Up 5.1%

The stock has a market capitalization of $527.76 million, a PE ratio of -9.54 and a beta of 1.28. The firm’s fifty day moving average is $5.09 and its 200-day moving average is $3.61.

Shattuck Labs (NASDAQ:STTK) last posted its quarterly earnings results on Thursday, March 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The firm had revenue of ($1.00) million for the quarter, compared to analysts’ expectations of $0.17 million. On average, analysts expect that Shattuck Labs, Inc. will post -1.48 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in STTK. Orbimed Advisors LLC purchased a new position in Shattuck Labs in the third quarter valued at about $15,072,000. NEXTBio Capital Management LP purchased a new position in Shattuck Labs in the fourth quarter valued at about $11,497,000. Price T Rowe Associates Inc. MD purchased a new position in Shattuck Labs in the fourth quarter valued at about $7,031,000. T. Rowe Price Investment Management Inc. purchased a new position in Shattuck Labs in the fourth quarter valued at about $4,945,000. Finally, Bank of America Corp DE increased its holdings in Shattuck Labs by 2,968.2% in the third quarter. Bank of America Corp DE now owns 1,131,888 shares of the company’s stock valued at $2,705,000 after buying an additional 1,094,997 shares in the last quarter. 58.74% of the stock is owned by hedge funds and other institutional investors.

About Shattuck Labs

Shattuck Labs, Inc (NASDAQ: STTK) is a clinical?stage biotechnology company headquartered in Cambridge, Massachusetts. The company is focused on developing immunotherapeutic vaccines to prevent and treat substance use disorders, with an initial emphasis on opioids. Shattuck Labs employs a proprietary hapten?carrier conjugate technology designed to generate high?affinity drug?specific antibodies that sequester target molecules in the bloodstream and reduce their passage across the blood?brain barrier.

The company’s lead program targets fentanyl, a synthetic opioid responsible for a significant proportion of overdose fatalities.