Shattuck Labs (STTK) PT Raised to $19 at Needham

Needham analyst Joseph Stringer raised the price target on Shattuck Labs (NASDAQ: STTK) to $19.00 (from $17.00) while maintaining a Buy rating.

The analyst commented: "We caught up with STTK mgmt yesterday after they announced the planned start of a Ph2 trial in hidradenitis suppurativa (HS) for its anti-DR3 mAb SL-325 (currently in Ph2b for Crohn's). Mgmt is guiding for a trial start in 4Q26 w/ topline data in 1H28. STTK previously hinted at new I&I indications for SL-325 due to the success of the TL1A class in multiple I&I indications (DR3 is the receptor for the TL1A ligand), and this follows a positive Ph2 HS data disclosure this week from Merck (MRK; N/R) where its anti-TL1A mAb tulisokibart showed significant improvements over PBO (details below). We view the MRK data as a positive readthrough to STTK, and think SL-325 could have best-in-class potential in an HS market that is expected to grow to ~$5B by 2030. We add risk-adjusted SL-325 HS revenues to our model and raise our PT to $19 (was $17)."

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