Bank of America Cuts Sutro Biopharma (NASDAQ:STRO) Price Target to $0.80

Sutro Biopharma (NASDAQ:STRO) had its price target decreased by equities researchers at Bank of America from $1.00 to $0.80 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price objective points to a potential downside of 7.34% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. Wedbush lowered Sutro Biopharma from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $8.00 to $2.00 in a report on Friday, March 14th. HC Wainwright reissued a “neutral” rating and issued a $2.00 target price on shares of Sutro Biopharma in a report on Tuesday, April 29th. Citizens Jmp lowered Sutro Biopharma from an “outperform” rating to a “market perform” rating in a research note on Friday, March 14th. Finally, Piper Sandler set a $2.00 price target on Sutro Biopharma in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.11.

Sutro Biopharma Stock Performance

STRO stock traded down $0.05 during mid-day trading on Monday, reaching $0.86. The company had a trading volume of 575,618 shares, compared to its average volume of 1,113,040. The company has a market capitalization of $72.92 million, a price-to-earnings ratio of -0.54 and a beta of 1.77. The firm has a fifty day simple moving average of $0.80 and a 200 day simple moving average of $1.73. Sutro Biopharma has a fifty-two week low of $0.52 and a fifty-two week high of $5.17.

Sutro Biopharma (NASDAQ:STRO) last issued its earnings results on Thursday, May 8th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.28). The business had revenue of $17.40 million for the quarter, compared to analyst estimates of $11.61 million. Sutro Biopharma had a negative return on equity of 101.89% and a negative net margin of 77.01%. As a group, analysts predict that Sutro Biopharma will post -2.92 earnings per share for the current year.

Hedge Funds Weigh In On Sutro Biopharma

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in Sutro Biopharma by 16.6% in the fourth quarter. SG Americas Securities LLC now owns 40,432 shares of the company’s stock worth $74,000 after purchasing an additional 5,770 shares in the last quarter. Rhumbline Advisers raised its position in shares of Sutro Biopharma by 6.1% during the fourth quarter. Rhumbline Advisers now owns 126,698 shares of the company’s stock worth $233,000 after acquiring an additional 7,320 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Sutro Biopharma by 66.7% in the fourth quarter. Vontobel Holding Ltd. now owns 25,000 shares of the company’s stock valued at $46,000 after buying an additional 10,000 shares during the period. Wells Fargo & Company MN lifted its stake in Sutro Biopharma by 24.8% in the fourth quarter. Wells Fargo & Company MN now owns 52,738 shares of the company’s stock valued at $97,000 after buying an additional 10,466 shares during the period. Finally, ProShare Advisors LLC lifted its stake in Sutro Biopharma by 74.3% in the fourth quarter. ProShare Advisors LLC now owns 26,961 shares of the company’s stock valued at $50,000 after buying an additional 11,494 shares during the period. Institutional investors and hedge funds own 96.99% of the company’s stock.

Sutro Biopharma Company Profile

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.