Shattuck Labs, Inc. $STTK Stock Purchased by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates increased its Shattuck Labs stake by 12.2% in the third quarter, adding 228,337 shares to own 2.10 million shares, or approximately 2.09% of the company. Institutional investors collectively held 58.74% of STTK.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $13.70. Price targets cited in the article ranged from $10 to $17, despite one downgrade to “Hold.”
• STTK shares opened at $5.58 after falling 4.5%, with a market capitalization of about $560 million. Shattuck Labs is a clinical-stage biotechnology company developing cancer immunotherapies through its Agonist Redirected Checkpoint platform.

Pinnacle Associates Ltd. boosted its stake in shares of Shattuck Labs, Inc. (NASDAQ:STTK - Free Report) by 12.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,099,779 shares of the company's stock after purchasing an additional 228,337 shares during the quarter. Pinnacle Associates Ltd. owned about 2.09% of Shattuck Labs worth $14,320,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STTK. Squarepoint Ops LLC lifted its stake in shares of Shattuck Labs by 129.6% in the second quarter. Squarepoint Ops LLC now owns 71,547 shares of the company's stock worth $497,000 after buying an additional 40,385 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new stake in shares of Shattuck Labs during the 2nd quarter worth $26,025,000. Wellington Management Group LLP acquired a new position in Shattuck Labs in the 2nd quarter valued at $12,269,000. Bank of America Corp DE acquired a new position in Shattuck Labs in the 2nd quarter valued at $319,000. Finally, Hsbc Holdings PLC acquired a new position in Shattuck Labs in the 2nd quarter valued at $312,000. Institutional investors and hedge funds own 58.74% of the company's stock.

Analyst Ratings Changes

STTK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. started coverage on shares of Shattuck Labs in a research report on Friday, July 24th. They set an "overweight" rating and a $10.00 target price for the company. HC Wainwright decreased their price target on shares of Shattuck Labs from $18.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Leerink Partners initiated coverage on Shattuck Labs in a research report on Monday, July 20th. They issued an "outperform" rating and a $16.00 price target on the stock. Wall Street Zen lowered Shattuck Labs from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, UBS Group initiated coverage on Shattuck Labs in a research note on Sunday, October 11th. They issued a "buy" rating and a $17.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $13.70.

Shattuck Labs Trading Down 4.5%

Shares of Shattuck Labs stock opened at $5.58 on Thursday. Shattuck Labs, Inc. has a 1 year low of $1.72 and a 1 year high of $8.33. The company's fifty day simple moving average is $6.52 and its 200-day simple moving average is $6.50. The company has a market cap of $560.01 million, a price-to-earnings ratio of -10.94 and a beta of 1.09.

Shattuck Labs (NASDAQ:STTK - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). As a group, research analysts forecast that Shattuck Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Shattuck Labs Profile

Shattuck Labs, Inc is a clinical-stage biotechnology company focused on developing novel immunotherapies for cancer and other serious diseases. The company's research is based on its Agonist Redirected Checkpoint (ARC) platform, which is designed to create biologic medicines that combine immune checkpoint blockade with immune-cell activation in a single therapeutic construct.

Shattuck's pipeline has included investigational ARC fusion proteins intended to alter the tumor microenvironment and stimulate immune responses against cancer cells.

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