Raymond James initiated coverage of Shattuck Labs Inc. (NASDAQ: STTK) with a strong buy recommendation and a price target of $18, nearly 140% above the stock’s closing price of $7.53 on Friday.
The initiation follows Shattuck Labs’ second-quarter 2026 financial results and a public offering that generated approximately $75 million. The offering included 10.88 million shares priced at $4.00 each, along with up to 7.87 million pre-funded warrants exercisable at $0.0001 per share. Underwriters retained a 30-day option to purchase an additional 15% of the shares.
Shattuck Labs’ lead drug candidate, SL-325, targets the DR3 receptor within the TL1A axis and is positioned as the first and only antibody in clinical trials for this mechanism. Phase 1 data in healthy volunteers showed strong target engagement and favorable immunogenicity, according to Raymond James. The company is also advancing RECEPTIVE-CD1, a Phase 2b study for Crohn’s disease, which has been expanded to include three dose cohorts and approximately 232 patients. Preliminary induction data from the study is expected in the first half of 2028.
Analysts at H.C. Wainwright reduced their price target for Shattuck Labs to $14 from $18 while maintaining a buy rating, while JPMorgan reiterated an overweight rating with a $10 target. The global market for ulcerative colitis and Crohn’s disease exceeds $20 billion, providing a substantial opportunity for drug developers in the space.
Shattuck Labs’ stock has surged 684% over the past year, reflecting investor optimism around its pipeline and recent capital-raising activities.
