AUSTIN, TX & DURHAM, NC - Shattuck Labs, Inc. (NASDAQ: STTK), a biotechnology firm focused on developing bifunctional fusion proteins for cancer and autoimmune disease treatment, has been added to the Russell 2000® and Russell 3000® Indexes as markets opened today. This inclusion follows the 2024 annual reconstitution of Russell U.S. Indexes, which ranks the 4,000 largest U.S. stocks by total market capitalization.
The company's Chief Financial Officer, Andrew R. Neill, expressed satisfaction with this development, stating it reflects the progress Shattuck has made this year, particularly with the advancement of their leading therapeutic candidate, SL-172154. This candidate is under evaluation in multiple Phase 1 trials for hematological conditions such as HR-MDS and TP53m AML.
The Russell 3000® Index membership, which is determined by objective market-capitalization rankings and style attributes, is set for one year and guarantees automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with the appropriate growth and value style indexes. These indexes are commonly utilized by investment managers and institutional investors for creating index funds and as active investment strategy benchmarks.
Shattuck Labs, with operations in Austin, Texas, and Durham, North Carolina, is advancing its proprietary ARC® platform, which aims to inhibit checkpoint molecules and activate costimulatory molecules with a single therapeutic. The company's lead program SL-172154 is designed to block the CD47 immune checkpoint and simultaneously agonize the CD40 pathway.
FTSE Russell, a global index provider, oversees the Russell indexes, which are extensively used by investors worldwide for benchmarking market performance and creating various investment products. The annual reconstitution of the Russell indexes is a significant event for the U.S. equity markets, reflecting shifts in the market and the economy.
The information provided in this article is based on a press release statement.
In other recent news, Shattuck Labs reported encouraging interim data from a Phase 1B trial for its drug candidate SL-172154, showing a 67% Objective Response Rate (ORR) in HR-MDS patients and a 43% ORR in TP53m AML patients. H.C. Wainwright adjusted its outlook on Shattuck Labs shares, reducing its price target to $16 from the previous $28, while maintaining a Buy rating on the stock.
The U.S. Food and Drug Administration (FDA) has granted orphan drug designation to Shattuck Labs' SL-172154, aimed at treating acute myeloid leukemia (AML). This status is expected to accelerate the drug's development, offering various incentives, including seven years of market exclusivity upon potential FDA approval. Despite industry challenges, Shattuck Labs continues to focus its later-stage clinical development efforts on AML and HR-MDS, driven by the strength of the efficacy results and the potential for expedited approval paths.
InvestingPro Insights
The recent inclusion of Shattuck Labs (NASDAQ: STTK) in the Russell Indexes is a notable milestone for the company, signaling its growing presence in the biotechnology sector. As investors consider the implications of this development, certain metrics and insights from InvestingPro provide a deeper look into the company's financial health and market performance.
InvestingPro data shows that Shattuck Labs has a market capitalization of $183.55 million, which is reflective of its position within the small-cap segment of the market. Despite a challenging period, the company's stock price has shown resilience with a previous close at $3.86. Furthermore, Shattuck Labs has demonstrated significant revenue growth over the last twelve months as of Q1 2024, with an increase of 282.93%.
However, investors should be aware of the company's current financial challenges. According to InvestingPro Tips, Shattuck Labs is quickly burning through cash and analysts anticipate a sales decline in the current year. Additionally, the company has not been profitable over the last twelve months, and it is important to note that analysts do not expect the company to be profitable this year either.
For those interested in a deeper dive into Shattuck Labs' financials and market performance, InvestingPro offers additional tips on the company's stock. As of now, there are 13 more InvestingPro Tips available that can provide investors with comprehensive analysis and guidance. To explore these insights, visit https://www.investing.com/pro/STTK and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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