Shattuck Labs (NASDAQ:STTK) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Shattuck Labs (NASDAQ:STTK) in a research report issued on Friday,Benzinga reports. The firm set an “overweight” rating and a $10.00 price target on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 41.04% from the company’s previous close.

Other analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Shattuck Labs from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Shattuck Labs in a research report on Monday, June 8th. Jefferies Financial Group raised shares of Shattuck Labs to an “outperform” rating and set a $7.00 target price on the stock in a research note on Friday, June 5th. Leerink Partners began coverage on shares of Shattuck Labs in a research report on Monday. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Citigroup raised Shattuck Labs from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a research report on Friday, June 5th. Ten 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 MarketBeat, Shattuck Labs has an average rating of “Moderate Buy” and an average target price of $12.62.

Shattuck Labs Price Performance

Shares of Shattuck Labs stock opened at $7.09 on Friday. The business’s 50 day simple moving average is $5.94 and its two-hundred day simple moving average is $5.65. The stock has a market capitalization of $543.66 million, a P/E ratio of -11.25 and a beta of 1.05. Shattuck Labs has a one year low of $0.71 and a one year high of $8.33.

Shattuck Labs (NASDAQ:STTK) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01. During the same quarter in the prior year, the business earned ($0.27) EPS. Sell-side analysts expect that Shattuck Labs will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at Shattuck Labs

In other news, insider Abhinav A. Shukla sold 23,365 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.08, for a total transaction of $165,424.20. Following the sale, the insider owned 86,380 shares in the company, valued at $611,570.40. This represents a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Clay B. Siegall purchased 62,500 shares of Shattuck Labs stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average cost of $4.00 per share, with a total value of $250,000.00. Following the transaction, the director directly owned 318,608 shares of the company’s stock, valued at $1,274,432. This represents a 24.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 85,907 shares of company stock worth $591,850. Corporate insiders own 8.79% of the company’s stock.

Institutional Investors Weigh In On Shattuck Labs

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

About Shattuck Labs

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.