Sutro Biopharma (NASDAQ:STRO) Issues Quarterly Earnings Results

Sutro Biopharma (NASDAQ:STRO) announced its quarterly earnings results on Thursday. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.74) by ($0.20), Zacks reports. The business had revenue of $14.52 million for the quarter, compared to analysts’ expectations of $8.89 million.

Sutro Biopharma Price Performance

Shares of NASDAQ:STRO traded down $1.18 during trading on Thursday, reaching $38.42. 117,451 shares of the stock were exchanged, compared to its average volume of 185,324. Sutro Biopharma has a 1-year low of $6.74 and a 1-year high of $41.88. The stock has a fifty day moving average of $28.46 and a two-hundred day moving average of $17.94. The firm has a market cap of $636.54 million, a price-to-earnings ratio of -1.47 and a beta of 1.63.

Hedge Funds Weigh In On Sutro Biopharma

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its position in shares of Sutro Biopharma by 1,052.8% during the first quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company’s stock worth $859,000 after acquiring an additional 1,206,330 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Sutro Biopharma during the second quarter valued at approximately $492,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Sutro Biopharma during the third quarter valued at about $387,000. Two Sigma Investments LP lifted its position in shares of Sutro Biopharma by 244.8% during the third quarter. Two Sigma Investments LP now owns 396,785 shares of the company’s stock valued at $345,000 after purchasing an additional 281,717 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Sutro Biopharma during the second quarter valued at approximately $166,000. 96.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on STRO. Wells Fargo & Company upgraded Sutro Biopharma from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $8.00 to $27.00 in a research report on Tuesday, March 24th. Citigroup reiterated an “outperform” rating on shares of Sutro Biopharma in a research report on Friday, April 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Sutro Biopharma from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Citizens Jmp lifted their price objective on Sutro Biopharma from $35.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Thursday, April 23rd. Finally, Mizuho set a $50.00 price objective on Sutro Biopharma and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.78.

About Sutro Biopharma

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.