Shattuck Labs (NASDAQ:STTK) Stock Price Down 4.9% – Here’s What Happened

Shattuck Labs, Inc. (NASDAQ:STTK)’s share price was down 4.9% during mid-day trading on Monday . The company traded as low as $7.14 and last traded at $7.16. Approximately 152,778 shares traded hands during trading, a decline of 83% from the average session volume of 884,001 shares. The stock had previously closed at $7.53.

Wall Street Analysts Forecast Growth

STTK has been the subject of several analyst reports. Wall Street Zen raised shares of Shattuck Labs from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Jefferies Financial Group upgraded shares of Shattuck Labs to an “outperform” rating and set a $7.00 target price for the company in a research note on Friday, June 5th. Needham & Company LLC boosted 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. Wedbush boosted their target price on Shattuck Labs from $8.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Cantor Fitzgerald assumed coverage on Shattuck Labs in a research report on Monday, April 27th. They set an “overweight” rating on the stock. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Shattuck Labs Stock Performance

The company’s 50-day moving average is $5.92 and its 200-day moving average is $5.55. The firm has a market cap of $517.21 million, a price-to-earnings ratio of -10.72 and a beta of 1.05.

Shattuck Labs (NASDAQ:STTK) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01. During the same quarter last year, the firm posted ($0.27) earnings per share. On average, analysts predict that Shattuck Labs, Inc. will post -0.51 EPS for the current year.

Insider Activity

In related news, insider Arundathy N. Pandite sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.01, for a total value of $210,300.00. Following the completion of the sale, the insider 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Abhinav A. Shukla sold 23,365 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $7.08, for a total transaction of $165,424.20. Following the completion of the transaction, the insider owned 86,380 shares of the company’s stock, valued at $611,570.40. This trade represents a 21.29% decrease in their position. 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 have sold 85,907 shares of company stock valued at $591,850 over the last three months. 8.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Shattuck Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Orbimed Advisors LLC acquired a new stake in Shattuck Labs in the third quarter worth about $15,072,000. NEXTBio Capital Management LP acquired a new position in Shattuck Labs during the 4th quarter valued at about $11,497,000. Price T Rowe Associates Inc. MD acquired a new position in Shattuck Labs during the 4th quarter valued at about $7,031,000. T. Rowe Price Investment Management Inc. bought a new position in shares of Shattuck Labs in the 4th quarter valued at about $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 valued at $2,705,000 after purchasing an additional 1,094,997 shares during the last quarter. 58.74% of the stock is owned by institutional investors and hedge funds.

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.