Leerink Partners Begins Coverage on Shattuck Labs (NASDAQ:STTK)

Key Points

• Leerink Partners initiated coverage on Shattuck Labs with an outperform rating and a $16 price target, implying more than 112% upside from the current share price.
• Other analysts have also been bullish, with multiple firms issuing or raising buy/outperform ratings; the stock now carries a Moderate Buy consensus and an average target price of about $13.
• Shattuck Labs reported a quarterly loss of $0.13 per share, slightly better than estimates, while recent insider sales and steady institutional ownership remain notable developments around the stock.

Research analysts at Leerink Partners started coverage on shares of Shattuck Labs (NASDAQ:STTK - Get Free Report) in a report released on Monday, Marketbeat Ratings reports. The firm set an "outperform" rating and a $16.00 price target on the stock. Leerink Partners' price objective would indicate a potential upside of 112.48% from the company's current price.

Several other analysts also recently weighed in on STTK. Jefferies Financial Group upgraded Shattuck Labs to an "outperform" rating and set a $7.00 price target on the stock in a research note on Friday, June 5th. Wedbush raised their price objective on Shattuck Labs from $8.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Needham & Company LLC lifted their target price on Shattuck Labs from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Cantor Fitzgerald started coverage on shares of Shattuck Labs in a report on Monday, April 27th. They issued an "overweight" rating on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 price target on shares of Shattuck Labs in a research report on Monday, June 8th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.00.

Shattuck Labs Stock Performance

NASDAQ:STTK opened at $7.53 on Monday. Shattuck Labs has a 12 month low of $0.71 and a 12 month high of $8.33. The firm has a fifty day simple moving average of $5.92 and a 200-day simple moving average of $5.55. The company has a market capitalization of $577.40 million, a P/E ratio of -11.95 and a beta of 1.05.

Shattuck Labs (NASDAQ:STTK - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.01. During the same quarter in the previous year, the business earned ($0.27) EPS. Equities analysts forecast that Shattuck Labs will post -0.51 EPS for the current year.

Insider Transactions at Shattuck Labs

In related news, insider Arundathy N. Pandite sold 30,000 shares of the firm's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $7.01, for a total transaction of $210,300.00. Following the sale, the insider directly owned 136,219 shares of the company's stock, valued at $954,895.19. This trade represents a 18.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Abhinav A. Shukla sold 23,365 shares of Shattuck Labs 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 transaction, the insider owned 86,380 shares of the company's stock, valued at approximately $611,570.40. This represents a 21.29% decrease in their ownership of the stock. 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. Insiders have sold 85,907 shares of company stock worth $591,850 over the last quarter. 8.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Shattuck Labs

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new position in shares of Shattuck Labs in the 3rd quarter valued at $38,000. Squarepoint Ops LLC acquired a new stake in Shattuck Labs during the third quarter valued at $46,000. Dimensional Fund Advisors LP purchased a new position in Shattuck Labs in the fourth quarter valued at $85,000. OMERS ADMINISTRATION Corp purchased a new position in Shattuck Labs in the fourth quarter valued at $97,000. Finally, Invesco Ltd. acquired a new position in shares of Shattuck Labs in the fourth quarter worth about $103,000. 58.74% of the stock is owned by hedge funds and other institutional investors.

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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