Sutro Biopharma (NASDAQ:STRO) Downgraded by Wedbush to “Neutral”

Sutro Biopharma (NASDAQ:STRO) was downgraded by equities researchers at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat reports. They presently have a $2.00 price objective on the stock, down from their prior price objective of $8.00. Wedbush’s target price would suggest a potential upside of 146.88% from the stock’s previous close.

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

Sutro Biopharma Stock Performance

Shares of NASDAQ STRO opened at $0.81 on Friday. The company has a 50 day simple moving average of $1.75 and a two-hundred day simple moving average of $2.74. Sutro Biopharma has a fifty-two week low of $0.81 and a fifty-two week high of $6.13. The company has a market capitalization of $66.80 million, a price-to-earnings ratio of -0.50 and a beta of 1.22.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($2.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($2.10). Sutro Biopharma had a negative net margin of 77.01% and a negative return on equity of 101.89%. The company had revenue of $14.00 million for the quarter, compared to the consensus estimate of $10.44 million. During the same period last year, the business earned ($1.78) EPS. On average, analysts forecast that Sutro Biopharma will post -2.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sutro Biopharma

Institutional investors and hedge funds have recently modified their holdings of the company. Suvretta Capital Management LLC lifted its holdings in Sutro Biopharma by 3.8% in the fourth quarter. Suvretta Capital Management LLC now owns 7,462,495 shares of the company’s stock valued at $13,731,000 after acquiring an additional 275,000 shares during the period. Vestal Point Capital LP bought a new position in shares of Sutro Biopharma in the 4th quarter worth approximately $4,729,000. Geode Capital Management LLC boosted its holdings in shares of Sutro Biopharma by 7.7% in the third quarter. Geode Capital Management LLC now owns 1,856,956 shares of the company’s stock worth $6,426,000 after buying an additional 132,015 shares during the last quarter. Parkman Healthcare Partners LLC grew its position in Sutro Biopharma by 0.7% during the fourth quarter. Parkman Healthcare Partners LLC now owns 1,727,925 shares of the company’s stock valued at $3,179,000 after buying an additional 11,793 shares during the period. Finally, State Street Corp increased its holdings in Sutro Biopharma by 5.2% during the third quarter. State Street Corp now owns 1,647,162 shares of the company’s stock valued at $5,699,000 after buying an additional 81,855 shares during the last quarter. 96.99% of the stock is currently owned by hedge funds and other institutional investors.

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.