Why did STTK's trading volume surge?

The deep research logic is organized as follows: 

Okay, let's tackle the question: "Why did STTK's trading volume surge?" First, I need to look at the data provided in the references. 

From Reference 1, the stock code STTK (Shattuck) has a last price of $0.82 with a 3.01% change. The pre-market percentage change is blank, but the post-market is -0.69%. That's interesting because the stock closed higher but dipped in post-market. 

Looking at Reference 2, the percentage changes for the last two weeks show volatility. The stock had a -1.8% drop on June 20, then jumped 5.55% on June 23, followed by smaller fluctuations. The last change on July 1 is 3.01%, which aligns with Reference 1. 

Reference 3 and 17 mention that on June 30, 2025, STTK shares rose 8.61% in the after-market session. The market cap was $40.8 million. This after-market surge could have contributed to increased trading volume. 

Also, Reference 17 lists STTK as one of the health care stocks moving in Monday's after-market session. The surge in after-market trading often leads to higher volume the next day as traders react to the news. 

Additionally, the recent financial results and business highlights from Shattuck Labs (References 23, 24, 25, 26, 27) indicate progress in their SL-325 program, which might have attracted investor attention. The company's cash balance and upcoming IND filing could be factors. 

Putting this together, the surge in trading volume likely stems from the after-market price movement on June 30, which triggered interest and trading activity. The stock's volatility and recent positive developments in their pipeline probably amplified the volume. Also, the low market cap ($40.8M) makes the stock more susceptible to volume spikes due to smaller capitalization and potential retail investor activity. 

I should structure the answer by first stating the conclusion, then breaking down the factors: after-market surge, recent financial developments, market cap, and sector activity. Make sure to cite the references properly and include the visualization as required.

**Conclusion**
**STTK’s trading volume surged due to a combination of after-market price volatility, recent financial developments, and sector-specific activity.** Here’s the breakdown:

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### 📊 **Analysis of STTK’s Trading Volume Surge**
#### 1. **After-Market Price Volatility**
- On **June 30, 2025**, STTK shares rose **8.61%** in the after-market session to $0.86 . This surge likely triggered increased trading activity in the following days, as investors reacted to the price movement.
- The stock’s post-market performance (–0.69% on July 2, 2025) suggests continued volatility .

| Metric | June 30, 2025 (After-Market) | July 2, 2025 (Post-Market) |
|-----------------------|---------------------------------|-----------------------------|
| **Price Change** | +8.61% to $0.86 | –0.69% |
| **Market Cap** | $40.8M | $40.8M |

#### 2. **Recent Financial Developments**
- **SL-325 Pipeline Progress**: Shattuck Labs reported advancements in its lead product candidate, SL-325, targeting inflammatory bowel disease (IBD) . The company expects an IND filing in Q3 2025, which could attract investor interest.
- **Cash Position**: The company had a cash balance of **$73M** as of December 2024, providing a runway into 2027 .

#### 3. **Market Cap and Liquidity**
- STTK’s **$40.8M market cap** makes it highly susceptible to volume spikes, as small-cap stocks often experience exaggerated price movements due to lower liquidity .

#### 4. **Sector Activity**
- STTK was highlighted among **12 health care stocks** showing after-market movement on June 30, 2025 . This sector-wide attention likely contributed to increased trading activity.

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### 📉 **Key Takeaway**
STTK’s trading volume surge reflects a mix of short-term price volatility, pipeline optimism, and sector-specific interest. Investors should monitor the company’s pipeline progress and liquidity position closely.