Wedbush Downgrades Sutro Biopharma (NASDAQ:STRO) to Neutral

Sutro Biopharma (NASDAQ:STRO) was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating in a report released on Friday, MarketBeat reports. They presently have a $2.00 price target on the stock, down from their prior price target of $8.00. Wedbush’s target price points to a potential upside of 60.00% from the stock’s previous close.

A number of other research firms also recently commented on STRO. HC Wainwright restated a “buy” rating and issued a $12.00 target price on shares of Sutro Biopharma in a research report on Monday, November 18th. Bank of America lowered shares of Sutro Biopharma from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $11.00 to $1.00 in a report on Friday. Wells Fargo & Company lowered their target price on shares of Sutro Biopharma from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, JMP Securities reissued a “market outperform” rating and issued a $17.00 price target on shares of Sutro Biopharma in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $9.00.

Sutro Biopharma Trading Down 6.7 %

Shares of STRO opened at $1.25 on Friday. The firm has a 50-day moving average price of $1.79 and a 200 day moving average price of $2.79. Sutro Biopharma has a 12-month low of $1.25 and a 12-month high of $6.13. The firm has a market capitalization of $103.07 million, a P/E ratio of -0.78 and a beta of 1.22.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($2.96) earnings per share for the quarter. Sutro Biopharma had a negative net margin of 77.01% and a negative return on equity of 101.89%. During the same quarter in the previous year, the firm posted ($1.78) earnings per share. Equities research analysts predict that Sutro Biopharma will post -2.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vestal Point Capital LP acquired a new position in Sutro Biopharma during the 4th quarter worth $4,729,000. Bank of Montreal Can purchased a new stake in shares of Sutro Biopharma during the 3rd quarter worth approximately $2,852,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Sutro Biopharma during the 3rd quarter worth approximately $1,512,000. Prudential Financial Inc. boosted its holdings in shares of Sutro Biopharma by 351.0% in the 4th quarter. Prudential Financial Inc. now owns 547,510 shares of the company’s stock valued at $1,007,000 after buying an additional 426,100 shares in the last quarter. Finally, Suvretta Capital Management LLC grew its position in shares of Sutro Biopharma by 3.8% in the 4th quarter. Suvretta Capital Management LLC now owns 7,462,495 shares of the company’s stock valued at $13,731,000 after buying an additional 275,000 shares during the last quarter. Institutional investors and hedge funds own 96.99% of the company’s stock.

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.