- The stock price of Shattuck Labs Inc (NASDAQ: STTK) increased by over 1.5% during intraday trading today. This is why.
The stock price of Shattuck Labs Inc (NASDAQ: STTK) increased by over 1.5% during intraday trading today. Investors are responding positively to a bullish research report.
H.C. Wainwright analyst Joseph Pantginis initiated coverage on Shattuck Labs with a “Buy” rating. And Pantginis assigned the company a price target of $28.
“Despite the success of checkpoint blockade therapies, a significant unmet need to improve clinical outcomes for cancer patients persists. To overcome the shortcomings of current immunomodulatory cancer therapies, Shattuck employs its proprietary Agonist Redirected Checkpoint (ARC) platform to discover and develop novel and potent immune-enhancing fusion proteins,” wrote Pantginis in a research note. “Derived from this technology, Shattuck’s two lead assets, SL-172154 and SL-279252, have recently entered the clinic and have made substantial progress towards evaluating each’s antitumor efficacy in numerous solid tumor settings. Of note, both molecules have maintained a favorable safety and PK profile, while demonstrating encouraging preliminary efficacy in Phase 1 studies in heavily pretreated individuals. It is also worth highlighting, in our opinion, that in October 2020 the company priced its IPO at $17 per share, and it was generally well-received by the scientific and investor communities.”
Pantginis noted that despite the impressive reception, the stock is currently trading below cash. And Pantginis believes that in the backdrop of:
1.) A powerful asset discovery platform
2.) 2 clinical-stage assets with accelerating advancement
3.) Improving fundamentals across the company, the company stock represents an opportunity to stake out a position during a period that intersects with a favorable moment in the company’s R&D and commercial trajectory.
This is also significantly bolstered by cash resources into the second half of 2024 during this extremely volatile market, according to Pantginis.
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