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

Sutro Biopharma (NASDAQ:STRO)‘s stock had its “outperform” rating reissued by Wedbush in a research note issued on Thursday, Benzinga reports. They presently have a $60.00 price objective on the stock. Wedbush’s target price would indicate a potential upside of 422.65% from the company’s current price.

A number of other equities research analysts have also commented on STRO. Wells Fargo & Company started coverage on Sutro Biopharma in a research report on Wednesday, September 30th. They issued an “overweight” rating and a $49.00 price target for the company. Citizens Jmp decreased their target price on Sutro Biopharma from $41.00 to $34.00 and set a “market outperform” rating for the company in a research report on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sutro Biopharma in a research report on Wednesday, August 5th. Wall Street Zen lowered Sutro Biopharma from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. Finally, Mizuho raised Sutro Biopharma to a “strong-buy” rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $49.50.

Sutro Biopharma Stock Performance

Shares of Sutro Biopharma stock traded up $0.96 on Thursday, reaching $11.48. 282,651 shares of the company’s stock were exchanged, compared to its average volume of 266,591. The company has a market capitalization of $190.35 million, a P/E ratio of -0.96 and a beta of 1.49. Sutro Biopharma has a 52 week low of $7.15 and a 52 week high of $43.85. The firm’s 50-day moving average is $18.38 and its two-hundred day moving average is $25.46.

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

Hedge Funds Weigh In On Sutro Biopharma

Several hedge funds have recently made changes to their positions in STRO. Orbimed Advisors LLC purchased a new position in shares of Sutro Biopharma during the first quarter valued at approximately $19,956,000. Perceptive Advisors LLC purchased a new position in Sutro Biopharma during the first quarter valued at $17,818,000. ADAR1 Capital Management LLC lifted its position in Sutro Biopharma by 681.8% during the first quarter. ADAR1 Capital Management LLC now owns 524,441 shares of the company’s stock valued at $13,064,000 after buying an additional 457,364 shares during the period. Affinity Asset Advisors LLC lifted its position in Sutro Biopharma by 42.9% during the first quarter. Affinity Asset Advisors LLC now owns 1,069,519 shares of the company’s stock valued at $26,642,000 after buying an additional 321,137 shares during the period. Finally, Merck & Co. Inc. purchased a new position in Sutro Biopharma during the second quarter valued at $9,042,053. 96.99% of the stock is owned by hedge funds and other institutional investors.

Sutro Biopharma Company Profile

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.