Connor Clark & Lunn Investment Management Ltd. Invests $1.99 Million in Shattuck Labs, Inc. $STTK

Key Points

• Connor Clark & Lunn Investment Management acquired 286,489 Shattuck Labs shares valued at approximately $1.99 million, giving it a 0.37% stake. Institutional investors collectively own 58.74% of STTK.
• Insider activity was mixed: Director Clay B. Siegall bought 62,500 shares for $250,000, while insider Abhinav A. Shukla sold 23,365 shares primarily to cover tax withholding on vested equity awards.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $12.78 versus the stock’s reported $7.04 price. Shattuck Labs is a clinical-stage biotechnology company developing immunotherapies targeting substance use disorders, initially fentanyl.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Shattuck Labs, Inc. (NASDAQ:STTK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 286,489 shares of the company's stock, valued at approximately $1,988,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.37% of Shattuck Labs at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Shattuck Labs during the third quarter worth approximately $38,000. Squarepoint Ops LLC bought a new stake in shares of Shattuck Labs in the 3rd quarter valued at approximately $46,000. State of Wyoming purchased a new position in shares of Shattuck Labs in the 2nd quarter worth approximately $151,000. Dimensional Fund Advisors LP purchased a new position in shares of Shattuck Labs in the 4th quarter worth approximately $85,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Shattuck Labs during the 4th quarter valued at approximately $97,000. Institutional investors own 58.74% of the company's stock.

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 stock was purchased at an average price of $4.00 per share, for a total transaction of $250,000.00. Following the completion of the acquisition, the director owned 318,608 shares of the company's stock, valued at approximately $1,274,432. This trade represents a 24.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Abhinav A. Shukla sold 23,365 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was 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 in the company, valued at approximately $611,570.40. This trade represents a 21.29% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 53,875 shares of company stock valued at $379,305. 8.79% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on STTK. Wedbush lifted their price objective 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. Weiss Ratings raised shares of Shattuck Labs from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, June 16th. Citigroup upgraded shares of Shattuck Labs from a "neutral" rating to a "buy" rating and set a $7.00 target price for the company in a report on Friday, June 5th. Wall Street Zen cut shares of Shattuck Labs from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, TD Cowen upgraded shares of Shattuck Labs to a "strong-buy" rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Shattuck Labs presently has a consensus rating of "Buy" and an average target price of $12.78.

Shattuck Labs Stock Down 8.0%

STTK stock opened at $7.04 on Friday. Shattuck Labs, Inc. has a twelve month low of $0.97 and a twelve month high of $8.33. The firm has a market cap of $706.53 million, a price-to-earnings ratio of -13.80 and a beta of 1.08. The business's fifty day simple moving average is $7.05 and its two-hundred day simple moving average is $6.21.

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

Shattuck Labs 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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