Raymond James Financial Upgrades Shattuck Labs (NASDAQ:STTK) to "Strong-Buy"

Key Points

• Raymond James upgraded Shattuck Labs to “strong buy” and set an $18 price target, implying 123.33% upside from the stock’s $8.06 price. The consensus rating is “Buy,” with an average target of $12.78.
• Shattuck Labs recently reported a quarterly loss of $0.12 per share, in line with analyst expectations, while sell-side analysts project a full-year loss of $0.43 per share.
• Institutional investors own 58.74% of the company, with several funds increasing or initiating positions. The clinical-stage biotech is developing immunotherapies targeting substance use disorders, including a lead program aimed at fentanyl.

Shattuck Labs (NASDAQ:STTK - Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a "strong-buy" rating in a report released on Monday, Marketbeat reports. The brokerage presently has a $18.00 price target on the stock. Raymond James Financial's price target suggests a potential upside of 123.33% from the stock's current price.

Several other analysts have also recently commented on the stock. Wedbush raised their target price on shares of Shattuck Labs from $8.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Jefferies Financial Group raised shares of Shattuck Labs to an "outperform" rating and set a $7.00 price target for the company in a report on Friday, June 5th. TD Cowen upgraded shares of Shattuck Labs to a "strong-buy" rating in a research report on Monday. Citigroup raised Shattuck Labs from a "neutral" rating to a "buy" rating and set a $7.00 price objective on the stock in a report on Friday, June 5th. Finally, HC Wainwright cut their target price on Shattuck Labs from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Shattuck Labs has a consensus rating of "Buy" and a consensus target price of $12.78.

Shattuck Labs Stock Up 2.0%

STTK opened at $8.06 on Monday. The business has a 50 day moving average price of $6.89 and a two-hundred day moving average price of $6.15. The company has a market cap of $808.90 million, a PE ratio of -15.80 and a beta of 1.08. Shattuck Labs has a 52 week low of $0.92 and a 52 week high of $8.33.

Shattuck Labs (NASDAQ:STTK - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). As a group, sell-side analysts expect that Shattuck Labs will post -0.43 EPS for the current fiscal year.

Insider Transactions at Shattuck Labs

In other news, Director Clay B. Siegall purchased 62,500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average price of $4.00 per share, for a total transaction of $250,000.00. Following the acquisition, the director directly owned 318,608 shares in the company, valued at approximately $1,274,432. The trade was a 24.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Abhinav A. Shukla sold 23,365 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.08, for a total value of $165,424.20. Following the completion of the transaction, the insider directly owned 86,380 shares of the company's stock, valued at $611,570.40. The trade was a 21.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 53,875 shares of company stock valued at $379,305 in the last quarter. 8.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in Shattuck Labs by 77.4% during the first quarter. Renaissance Technologies LLC now owns 604,500 shares of the company's stock worth $3,887,000 after acquiring an additional 263,800 shares during the last quarter. S&G Foundation acquired a new stake in shares of Shattuck Labs in the second quarter valued at approximately $3,024,000. GSA Capital Partners LLP purchased a new position in shares of Shattuck Labs during the 2nd quarter worth approximately $474,000. NEXTBio Capital Management LP purchased a new position in shares of Shattuck Labs during the 4th quarter worth approximately $11,497,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Shattuck Labs by 571.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 155,642 shares of the company's stock worth $1,001,000 after purchasing an additional 132,450 shares in the last quarter. Hedge funds and other institutional investors own 58.74% of the company's stock.

Shattuck Labs Company Profile

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.

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