Wells Fargo & Company Lowers Sutro Biopharma (NASDAQ:STRO) Price Target to $3.00

Sutro Biopharma (NASDAQ:STRO) had its price objective lowered by Wells Fargo & Company from $4.00 to $3.00 in a report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research firms have also recently issued reports on STRO. Wall Street Zen upgraded shares of Sutro Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Bank of America reduced their target price on shares of Sutro Biopharma from $1.00 to $0.80 and set an “underperform” rating for the company in a report on Monday, May 19th. Piper Sandler upgraded shares of Sutro Biopharma from a “neutral” rating to an “overweight” rating and set a $2.00 target price for the company in a report on Monday, June 16th. Finally, HC Wainwright restated a “neutral” rating and set a $2.00 target price on shares of Sutro Biopharma in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.97.

Sutro Biopharma Price Performance

Sutro Biopharma stock opened at $0.78 on Tuesday. The firm has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.01. The stock has a market capitalization of $66.13 million, a PE ratio of -0.31 and a beta of 1.66. Sutro Biopharma has a 12-month low of $0.52 and a 12-month high of $5.17.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.25. The business had revenue of $63.74 million during the quarter, compared to analysts’ expectations of $14.55 million. Sutro Biopharma had a negative net margin of 201.32% and a negative return on equity of 852.70%. On average, analysts forecast that Sutro Biopharma will post -2.92 earnings per share for the current fiscal year.

Institutional Trading of Sutro Biopharma

Large investors have recently added to or reduced their stakes in the business. Suvretta Capital Management LLC boosted its stake in Sutro Biopharma by 3.8% in the 4th quarter. Suvretta Capital Management LLC now owns 7,462,495 shares of the company’s stock worth $13,731,000 after purchasing an additional 275,000 shares during the period. RA Capital Management L.P. acquired a new position in Sutro Biopharma in the 1st quarter worth approximately $2,885,000. Acadian Asset Management LLC boosted its stake in Sutro Biopharma by 78.9% in the 1st quarter. Acadian Asset Management LLC now owns 3,134,586 shares of the company’s stock worth $2,037,000 after purchasing an additional 1,382,661 shares during the period. Velan Capital Investment Management LP boosted its stake in Sutro Biopharma by 197.1% in the 2nd quarter. Velan Capital Investment Management LP now owns 3,060,000 shares of the company’s stock worth $2,185,000 after purchasing an additional 2,030,000 shares during the period. Finally, Vestal Point Capital LP boosted its stake in Sutro Biopharma by 1.2% in the 1st quarter. Vestal Point Capital LP now owns 2,600,000 shares of the company’s stock worth $1,692,000 after purchasing an additional 30,000 shares during the period. 96.99% of the stock is currently owned by institutional investors.

About Sutro Biopharma

Sutro Biopharma, Inc operates as a clinical-stage oncology company. The company develops site-specific and novel-format antibody drug conjugates (ADCs) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF and XpressCF+. Its product candidates include STRO-002, an ADC directed against folate receptor-alpha, which is in Phase II/III clinical trials for patients with ovarian and endometrial cancers; VAX-24 and Vax-31 pneumococcal conjugate vaccine candidates that is in Phase II/III clinical trials for the treatment of invasive pneumococcal disease; and MK-1484, a distinct cytokine derivative molecule that is in Phase I clinical study for the treatment of cancer.