Merck & Co. Inc. Invests $9.04 Million in Sutro Biopharma, Inc. $STRO

Merck & Co. Inc. purchased a new position in Sutro Biopharma, Inc. (NASDAQ:STRO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 272,351 shares of the company’s stock, valued at approximately $9,042,053. Sutro Biopharma accounts for 0.0% of Merck & Co. Inc.’s portfolio, making the stock its 7th biggest holding. Merck & Co. Inc. owned about 1.64% of Sutro Biopharma at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State of Tennessee Department of Treasury bought a new position in shares of Sutro Biopharma during the 4th quarter worth about $86,000. Sigma Planning Corp acquired a new stake in shares of Sutro Biopharma in the 1st quarter valued at about $312,000. Bank of America Corp DE increased its position in shares of Sutro Biopharma by 348.1% during the 1st quarter. Bank of America Corp DE now owns 18,873 shares of the company’s stock valued at $470,000 after purchasing an additional 14,661 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Sutro Biopharma in the fourth quarter worth $265,000. Finally, Stempoint Capital LP bought a new position in shares of Sutro Biopharma in the first quarter worth approximately $580,000. Institutional investors own 96.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial assumed coverage on Sutro Biopharma in a research note on Thursday, June 11th. They issued a “buy” rating and a $50.00 price target for the company. Lifesci Capital upgraded Sutro Biopharma to a “strong-buy” rating in a research note on Friday, May 1st. HC Wainwright boosted their target price on shares of Sutro Biopharma from $28.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Leerink Partners set a $43.00 price target on shares of Sutro Biopharma and gave the company an “outperform” rating in a report on Friday, May 15th. Finally, Wall Street Zen downgraded shares of Sutro Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Sutro Biopharma presently has an average rating of “Buy” and a consensus target price of $47.30.

Sutro Biopharma Price Performance

STRO stock traded down $0.72 during mid-day trading on Friday, hitting $20.59. 55,025 shares of the stock were exchanged, compared to its average volume of 257,685. Sutro Biopharma, Inc. has a 12 month low of $7.15 and a 12 month high of $43.85. The stock has a market capitalization of $341.38 million, a price-to-earnings ratio of -1.72 and a beta of 1.55. The business has a fifty day moving average price of $25.75 and a 200 day moving average price of $26.42.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($0.14). The business had revenue of $9.84 million for the quarter, compared to analyst estimates of $11.96 million. As a group, equities analysts forecast that Sutro Biopharma, Inc. will post -8.41 EPS for the current fiscal year.

Sutro Biopharma Profile

Sutro Biopharma, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of novel biologic drug candidates in the fields of oncology and immunology. The company leverages a proprietary cell-free protein synthesis platform, XpressCF™, to design and produce complex, multi-specific proteins that include antibody-drug conjugates, bispecific antibodies, and cytokine fusion proteins. This platform enables rapid generation and optimization of protein therapeutics that may not be feasible with traditional cell-based expression systems.

Founded in 2003 and headquartered in South San Francisco, California, Sutro Biopharma has built a pipeline of immuno-oncology candidates in various stages of preclinical and clinical development.