Shattuck Labs (NASDAQ:STTK) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Shattuck Labs shares jumped on heavy volume, with 2.73 million shares traded, up 216% from the prior session. The stock rose 4.8% to about $6.60.
• Analysts have turned more bullish on the biotech name, with several recent upgrades including Jefferies, Wedbush, and Citi. The stock now carries a Moderate Buy consensus and an average price target of $11.00.
• The company recently reported a smaller-than-expected quarterly loss of ($0.13) EPS, versus consensus of ($0.14), while insiders have also been selling shares. Institutional ownership remains high at 58.74%.

Shares of Shattuck Labs, Inc. (NASDAQ:STTK - Get Free Report) saw strong trading volume on Wednesday . 2,726,097 shares changed hands during trading, an increase of 216% from the previous session's volume of 861,683 shares.The stock last traded at $6.5990 and had previously closed at $6.29.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Shattuck Labs from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, June 16th. Jefferies Financial Group raised Shattuck Labs to an "outperform" rating and set a $7.00 price objective for the company in a research note on Friday, June 5th. Wedbush raised their target price on Shattuck Labs from $8.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, May 8th. HC Wainwright reiterated a "buy" rating and set a $18.00 price target on shares of Shattuck Labs in a report on Monday, June 8th. Finally, Citigroup raised Shattuck Labs from a "neutral" rating to a "buy" rating and set a $7.00 price target for the company in a research report on Friday, June 5th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.00.

Shattuck Labs Trading Up 4.8%

The firm has a market capitalization of $505.70 million, a P/E ratio of -10.46 and a beta of 1.05. The stock's 50-day simple moving average is $5.88 and its 200-day simple moving average is $5.47.

Shattuck Labs (NASDAQ:STTK - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.01. During the same quarter in the prior year, the firm posted ($0.27) EPS. On average, equities research analysts expect that Shattuck Labs, Inc. will post -0.51 EPS for the current year.

Insider Buying and Selling at Shattuck Labs

In other news, insider Arundathy N. Pandite sold 30,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $6.61, for a total transaction of $198,300.00. Following the completion of the sale, the insider directly owned 166,219 shares of the company's stock, valued at $1,098,707.59. This trade represents a 15.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Abhinav A. Shukla sold 23,365 shares of Shattuck Labs stock in a transaction 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 sale, the insider owned 86,380 shares in the company, valued at $611,570.40. The trade was a 21.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 85,907 shares of company stock worth $591,850 in the last quarter. 8.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shattuck Labs

Several institutional investors have recently bought and sold shares of STTK. Orbimed Advisors LLC purchased a new position in shares of Shattuck Labs during the 3rd quarter valued at $15,072,000. NEXTBio Capital Management LP bought a new stake in Shattuck Labs in the 4th quarter valued at about $11,497,000. Price T Rowe Associates Inc. MD bought a new stake in Shattuck Labs in the 4th quarter valued at about $7,031,000. T. Rowe Price Investment Management Inc. purchased a new stake in Shattuck Labs during the fourth quarter valued at about $4,945,000. Finally, Bank of America Corp DE lifted its holdings in Shattuck Labs by 2,968.2% during the third quarter. Bank of America Corp DE now owns 1,131,888 shares of the company's stock valued at $2,705,000 after purchasing an additional 1,094,997 shares during the last quarter. Hedge funds and other institutional investors own 58.74% of the company's stock.

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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