Why Shattuck Labs Stock Flew Nearly 5% Higher on Friday
Yahoo Finance ·
A new analyst note was the key factor behind the mini-rally in Shattuck Labs ( STTK +4.79% ) stock on the last trading day of the week. The clinical-stage biotech 's shares closed the day almost 5% higher, thanks mainly to that research. Early Friday morning, Brian Cheng of JPMorgan Chase 's J.P. Morgan published his inaugural take on Shattuck. He rated the stock an overweight (read: buy) at a price target of $10 per share. That's nearly 35% higher than the biotech's most recent closing level. According to reports, Cheng's bullish evaluation focuses on Shattuck's lead drug candidate, SL-325, a first-in-class antagonist antibody presently being developed to treat inflammatory bowel disease (IBD). In the analyst's view, the healthy volunteer data the company reported from a recent clinical trial suggested the drug had a cleaner safety profile and stronger target engagement than similar medications. Given that, it has significant potential if Shattuck can successfully develop it and earn regulatory approval.
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