Wells Fargo & Company Begins Coverage on Sutro Biopharma (NASDAQ:STRO)

Investment analysts at Wells Fargo & Company initiated coverage on shares of Sutro Biopharma (NASDAQ:STRO) in a note issued to investors on Wednesday. The brokerage set an “overweight” rating and a $49.00 price target on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 205.30% from the stock’s current price.

STRO has been the topic of a number of other research reports. Mizuho upgraded shares of Sutro Biopharma to a “strong-buy” rating in a research report on Wednesday, September 16th. Truist Financial started coverage on Sutro Biopharma in a report on Thursday, June 11th. They issued a “buy” rating and a $50.00 price target for the company. Wall Street Zen lowered Sutro Biopharma from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 19th. Wedbush restated an “outperform” rating and set a $60.00 price objective on shares of Sutro Biopharma in a report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sutro Biopharma in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $49.50.

Sutro Biopharma Stock Performance

STRO stock traded down $0.05 during trading on Wednesday, hitting $16.05. The stock had a trading volume of 2,899 shares, compared to its average volume of 263,797. The stock has a market cap of $266.13 million, a price-to-earnings ratio of -1.34 and a beta of 1.48. The company’s 50 day moving average price is $20.58 and its two-hundred day moving average price is $26.12. Sutro Biopharma has a 1-year low of $7.15 and a 1-year high of $43.85.

Sutro Biopharma (NASDAQ:STRO) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($2.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.19) by ($0.14). The business had revenue of $9.84 million for the quarter, compared to the consensus estimate of $11.96 million. As a group, sell-side analysts forecast that Sutro Biopharma will post -8.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Merck & Co. Inc. purchased a new position in Sutro Biopharma in the 2nd quarter valued at about $9,042,053. Perceptive Advisors LLC purchased a new stake in shares of Sutro Biopharma during the first quarter worth about $17,818,000. Affinity Asset Advisors LLC lifted its stake in shares of Sutro Biopharma by 42.9% in the first quarter. Affinity Asset Advisors LLC now owns 1,069,519 shares of the company’s stock worth $26,642,000 after acquiring an additional 321,137 shares in the last quarter. Seven Fleet Capital Management LP purchased a new position in Sutro Biopharma in the second quarter valued at about $5,283,000. Finally, Orbimed Advisors LLC purchased a new position in Sutro Biopharma in the first quarter valued at about $19,956,000. Institutional investors and hedge funds own 96.99% of the company’s stock.

Sutro Biopharma Company Profile

Sutro Biopharma, Inc is a clinical-stage biopharmaceutical company focused on developing targeted cancer therapies. The company uses its proprietary XpressCF cell-free protein synthesis platform to design and manufacture antibody-drug conjugates (ADCs) and immunostimulatory antibody conjugates intended to selectively target tumor cells while limiting damage to healthy tissue.

Sutro’s pipeline has included luveltamab tazevibulin, also known as luvelta or STRO-002, a folate receptor alpha-directed ADC being investigated for the treatment of ovarian and endometrial cancers.