Sutro Biopharma (NASDAQ:STRO) Issues Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Sutro Biopharma (NASDAQ:STRO) issued its 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 company had revenue of $14.52 million during the quarter, compared to the consensus estimate of $8.89 million.

Sutro Biopharma Price Performance

Shares of Sutro Biopharma stock traded up $1.75 on Friday, reaching $40.17. The company had a trading volume of 100,940 shares, compared to its average volume of 184,266. The firm has a market cap of $665.53 million, a price-to-earnings ratio of -1.54 and a beta of 1.63. The firm’s 50-day moving average price is $28.84 and its two-hundred day moving average price is $18.14. Sutro Biopharma has a 1 year low of $6.74 and a 1 year high of $43.85.

Hedge Funds Weigh In On Sutro Biopharma

A number of institutional investors and hedge funds have recently modified their holdings of STRO. AQR Capital Management LLC boosted its holdings in shares of Sutro Biopharma by 1,052.8% in the 1st quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company’s stock worth $859,000 after purchasing an additional 1,206,330 shares during the period. Jane Street Group LLC purchased a new position in shares of Sutro Biopharma in the 2nd quarter worth approximately $492,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Sutro Biopharma in the 3rd quarter worth approximately $387,000. Two Sigma Investments LP boosted its holdings in shares of Sutro Biopharma by 244.8% in the 3rd quarter. Two Sigma Investments LP now owns 396,785 shares of the company’s stock worth $345,000 after purchasing an additional 281,717 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Sutro Biopharma in the 2nd quarter worth approximately $166,000. Hedge funds and other institutional investors own 96.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on STRO. Citizens Jmp lifted their target price on Sutro Biopharma from $35.00 to $41.00 and gave the company a “market outperform” rating in a research note on Thursday, April 23rd. Wall Street Zen raised Sutro Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Citigroup reissued an “outperform” rating on shares of Sutro Biopharma in a research note on Friday, April 17th. Wells Fargo & Company raised Sutro Biopharma from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $8.00 to $27.00 in a research note on Tuesday, March 24th. Finally, Leerink Partners set a $43.00 target price on Sutro Biopharma in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Sutro Biopharma currently has a consensus rating of “Moderate Buy” and an average target price of $43.78.

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.