Wedbush Reaffirms Outperform Rating for Sutro Biopharma (NASDAQ:STRO)

Sutro Biopharma (NASDAQ:STRO)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a note issued to investors on Thursday, Benzinga reports. They presently have a $60.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 431.59% from the company’s current price.

A number of other research firms have also commented on STRO. Weiss Ratings reissued a “sell (d-)” rating on shares of Sutro Biopharma in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of Sutro Biopharma from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 19th. Wells Fargo & Company assumed coverage on shares of Sutro Biopharma in a research note on Wednesday, September 30th. They set an “overweight” rating and a $49.00 price target on the stock. Citigroup reiterated a “market outperform” rating on shares of Sutro Biopharma in a research note on Thursday, August 13th. Finally, Mizuho upgraded shares of Sutro Biopharma to a “strong-buy” rating in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $49.50.

Sutro Biopharma Stock Up 7.3%

Shares of NASDAQ:STRO traded up $0.77 during trading on Thursday, reaching $11.29. The stock had a trading volume of 151,904 shares, compared to its average volume of 266,072. Sutro Biopharma has a 52 week low of $7.15 and a 52 week high of $43.85. The firm has a market capitalization of $187.15 million, a price-to-earnings ratio of -0.95 and a beta of 1.49. The stock has a fifty day simple moving average of $18.38 and a two-hundred day simple moving average of $25.46.

Sutro Biopharma (NASDAQ:STRO) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($2.33) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($0.14). The firm had revenue of $9.84 million for the quarter, compared to the consensus estimate of $11.96 million. On average, analysts forecast that Sutro Biopharma will post -8.41 EPS for the current year.

Institutional Trading of Sutro Biopharma

Several large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new stake in Sutro Biopharma during the second quarter worth about $1,844,000. Seven Fleet Capital Management LP bought a new stake in Sutro Biopharma during the second quarter worth about $5,283,000. Wellington Management Group LLP bought a new stake in Sutro Biopharma during the second quarter worth about $359,000. Merck & Co. Inc. bought a new stake in Sutro Biopharma during the second quarter worth about $9,042,053. Finally, Bank of New York Mellon Corp bought a new position in shares of Sutro Biopharma in the second quarter valued at about $1,373,000. 96.99% of the stock is owned by institutional investors.

About Sutro Biopharma

Sutro Biopharma, Inc is a clinical-stage biopharmaceutical company focused on developing targeted cancer therapies. The company uses its proprietary cell-free protein synthesis and protein-engineering platforms to design and manufacture complex biologic medicines, including antibody-drug conjugates (ADCs) and immuno-oncology treatments.

Sutro’s principal product candidate is luveltamab tazevibulin, also known as luvelta or STRO-002, an ADC designed to target folate receptor alpha, a protein expressed in several cancers.