Pinnacle Associates Ltd. Purchases 228,337 Shares of Shattuck Labs, Inc. $STTK

Pinnacle Associates Ltd. raised its position in Shattuck Labs, Inc. (NASDAQ:STTK) by 12.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,099,779 shares of the company’s stock after purchasing an additional 228,337 shares during the period. Pinnacle Associates Ltd.’s holdings in Shattuck Labs were worth $14,320,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in shares of Shattuck Labs during the 2nd quarter worth approximately $12,269,000. Frazier Life Sciences Management L.P. bought a new stake in shares of Shattuck Labs during the second quarter valued at approximately $26,025,000. The Manufacturers Life Insurance Company acquired a new position in shares of Shattuck Labs in the second quarter valued at $1,576,000. Bank of New York Mellon Corp acquired a new position in shares of Shattuck Labs in the second quarter valued at $1,516,000. Finally, BlackRock Inc. acquired a new position in shares of Shattuck Labs in the second quarter valued at $27,315,000. Institutional investors own 58.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on STTK shares. UBS Group began coverage on Shattuck Labs in a research report on Sunday, October 11th. They issued a “buy” rating and a $17.00 target price for the company. Wedbush boosted their price target on shares of Shattuck Labs from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, October 2nd. HC Wainwright lowered their price target on shares of Shattuck Labs from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Leerink Partners initiated coverage on shares of Shattuck Labs in a research note on Monday, July 20th. They issued an “outperform” rating and a $16.00 price objective for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of Shattuck Labs in a report on Friday, July 24th. They set an “overweight” rating and a $10.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $13.70.

Shattuck Labs Trading Down 4.5%

Shares of STTK opened at $5.58 on Thursday. Shattuck Labs, Inc. has a 1 year low of $1.72 and a 1 year high of $8.33. The stock has a 50 day simple moving average of $6.52 and a 200-day simple moving average of $6.50. The stock has a market cap of $560.01 million, a PE ratio of -10.94 and a beta of 1.09.

Shattuck Labs (NASDAQ:STTK) last posted its earnings results on Tuesday, August 11th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). On average, sell-side analysts forecast that Shattuck Labs, Inc. will post -0.45 EPS for the current fiscal year.

Shattuck Labs Profile

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.