Bank of America Corp DE Cuts Holdings in Shattuck Labs, Inc. $STTK

Key Points

• Bank of America cut its Shattuck Labs stake by 92.8% in the first quarter, selling 1.03 million shares and retaining 79,924 shares worth approximately $514,000. Overall, institutional investors owned 58.74% of the company, with several other funds increasing their positions.
• Analyst sentiment remained broadly positive, with a consensus “Buy” rating and an average price target of $12.78, despite individual target changes and one downgrade to “Hold.”
• STTK opened at $6.50, compared with a 52-week range of $1.68 to $8.33, and recently reported a quarterly loss of $0.12 per share, matching analyst expectations. Insiders also sold 53,875 shares worth $379,305 over the past three months.

Bank of America Corp DE lessened its holdings in Shattuck Labs, Inc. (NASDAQ:STTK - Free Report) by 92.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,924 shares of the company's stock after selling 1,026,693 shares during the period. Bank of America Corp DE owned approximately 0.10% of Shattuck Labs worth $514,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in Shattuck Labs by 5.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 142,300 shares of the company's stock valued at $915,000 after purchasing an additional 7,244 shares during the period. OMERS ADMINISTRATION Corp grew its position in Shattuck Labs by 25.7% during the first quarter. OMERS ADMINISTRATION Corp now owns 33,300 shares of the company's stock valued at $214,000 after buying an additional 6,800 shares during the period. Renaissance Technologies LLC increased its holdings 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 buying an additional 263,800 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Shattuck Labs by 571.1% during the first quarter. Dimensional Fund Advisors LP now owns 155,642 shares of the company's stock worth $1,001,000 after buying an additional 132,450 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Shattuck Labs in the first quarter worth about $421,000. 58.74% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Abhinav A. Shukla sold 23,365 shares of the firm's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $7.08, for a total transaction of $165,424.20. Following the sale, the insider owned 86,380 shares in the company, valued at approximately $611,570.40. This trade represents a 21.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Arundathy N. Pandite sold 30,000 shares of Shattuck Labs stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $7.01, for a total value of $210,300.00. Following the sale, the insider directly owned 136,219 shares of the company's stock, valued at approximately $954,895.19. This trade represents a 18.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 53,875 shares of company stock valued at $379,305 in the last three months. 8.79% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Leerink Partners started coverage on shares of Shattuck Labs in a research note on Monday, July 20th. They issued an "outperform" rating and a $16.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of Shattuck Labs in a report on Friday, July 24th. They issued an "overweight" rating and a $10.00 price target on the stock. Wall Street Zen downgraded Shattuck Labs from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Needham & Company LLC increased their price objective on Shattuck Labs from $14.00 to $17.00 and gave the company a "buy" rating in a report on Monday, June 8th. Finally, HC Wainwright decreased their target price on Shattuck Labs from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $12.78.

Shattuck Labs Price Performance

Shattuck Labs stock opened at $6.50 on Wednesday. Shattuck Labs, Inc. has a one year low of $1.68 and a one year high of $8.33. The business has a fifty day moving average price of $7.15 and a 200-day moving average price of $6.37. The firm has a market capitalization of $652.36 million, a P/E ratio of -12.75 and a beta of 1.09.

Shattuck Labs (NASDAQ:STTK - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). Sell-side analysts expect that Shattuck Labs, Inc. will post -0.44 earnings per share for the current fiscal year.

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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