Shattuck Labs, Inc. (NASDAQ:STTK) Sees Large Growth in Short Interest

Key Points

• Short interest surged 60.8% to 10.95 million shares as of September 30, representing 12.0% of Shattuck Labs’ outstanding shares and a short-interest ratio of 6.0 days.
• Analyst sentiment remains generally positive, with an average rating of “Buy” and an average price target of $13.70, although some firms recently lowered or raised their targets.
• Institutional investors and hedge funds own 58.74% of the company. STTK recently traded at $5.50, while Shattuck Labs continues developing cancer immunotherapies through its ARC platform.

Shattuck Labs, Inc. (NASDAQ:STTK - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totaling 10,947,042 shares, a growth of 60.8% from the September 15th total of 6,808,662 shares. Based on an average daily trading volume, of 1,821,507 shares, the short-interest ratio is presently 6.0 days. Currently, 12.0% of the shares of the company are sold short.

Wall Street Analyst Weigh In

STTK has been the subject of a number of recent analyst reports. HC Wainwright cut their price objective 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. Wall Street Zen lowered shares of Shattuck Labs from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Leerink Partners began coverage on shares of Shattuck Labs in a research note on Monday, July 20th. They set an "outperform" rating and a $16.00 target price on the stock. Needham & Company LLC raised their target price on Shattuck Labs from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, October 2nd. Finally, Wedbush lifted their price target on Shattuck Labs from $11.00 to $14.00 and gave the company an "outperform" rating in a research note on Friday, October 2nd. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $13.70.

Hedge Funds Weigh In On Shattuck Labs

Several institutional investors and hedge funds have recently bought and sold shares of STTK. Squarepoint Ops LLC grew its stake in shares of Shattuck Labs by 129.6% in the 2nd quarter. Squarepoint Ops LLC now owns 71,547 shares of the company's stock valued at $497,000 after buying an additional 40,385 shares during the period. Frazier Life Sciences Management L.P. purchased a new stake in shares of Shattuck Labs during the 2nd quarter valued at approximately $26,025,000. Wellington Management Group LLP purchased a new stake in shares of Shattuck Labs during the 2nd quarter valued at approximately $12,269,000. Bank of America Corp DE purchased a new stake in shares of Shattuck Labs during the 2nd quarter valued at approximately $319,000. Finally, Hsbc Holdings PLC acquired a new position in Shattuck Labs in the second quarter valued at approximately $312,000. 58.74% of the stock is currently owned by institutional investors and hedge funds.

Shattuck Labs Price Performance

STTK stock traded down $0.03 during trading on Friday, hitting $5.50. The stock had a trading volume of 91,390 shares, compared to its average volume of 970,048. Shattuck Labs has a twelve month low of $1.72 and a twelve month high of $8.33. The company's 50-day moving average price is $6.66 and its two-hundred day moving average price is $6.52. The stock has a market capitalization of $552.18 million, a P/E ratio of -10.79 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) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.12). As a group, sell-side analysts expect that Shattuck Labs will post -0.45 EPS for the current fiscal year.

About Shattuck Labs

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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