Shattuck Labs drops on $75 mln share sale
BUZZ-Shattuck Labs drops on $75 mln share sale ** Biotech firm Shattuck Labs' STTK.O shares down 5.6% before the bell on Weds to $4.03 after $75 mln follow-on priced
** Developer of treatments for inflammatory and immune-mediated diseases early Weds said it sold ~10.9 mln shares and pre-funded warrants to buy ~7.9 mln shares at $4
** Offering price represents 6.3% discount to stock's last sale on Tues
** STTK intends to use net offering proceeds to advance planned clinical trials, develop and advance additional product candidates, among other purposes, per the prospectus
** Leerink Partners, J.P. Morgan, Piper Sandler and Cantor Fitzgerald joint bookrunners
** Austin, Texas-based STTK has ~76.7 mln shares outstanding
** STTK shares rose 9.5% on Tues, extending YTD gain to 17%
** All 8 analysts are bullish on the stock, including 2 "strong buy" ratings; median PT $17, according to LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Recent news on Shattuck Labs
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Shattuck Labs Inc reports results for the quarter ended June 30 - Earnings Summary
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