Bank of America Downgrades Sutro Biopharma (NASDAQ:STRO) to Underperform

Sutro Biopharma (NASDAQ:STRO) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $1.00 target price on the stock, down from their previous target price of $11.00. Bank of America‘s price objective would suggest a potential upside of 23.44% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Wedbush restated an “outperform” rating and issued a $8.00 price target on shares of Sutro Biopharma in a research note on Tuesday, December 10th. Wells Fargo & Company dropped their price target on shares of Sutro Biopharma from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. JMP Securities reissued a “market outperform” rating and set a $17.00 price target on shares of Sutro Biopharma in a research report on Wednesday, December 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Sutro Biopharma in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Sutro Biopharma presently has an average rating of “Hold” and a consensus price target of $9.00.

Sutro Biopharma Stock Performance

Shares of STRO opened at $0.81 on Friday. The firm has a market cap of $66.80 million, a P/E ratio of -0.50 and a beta of 1.22. Sutro Biopharma has a 52 week low of $0.81 and a 52 week high of $6.13. The firm’s 50-day simple moving average is $1.75 and its 200 day simple moving average is $2.74.

Sutro Biopharma (NASDAQ:STRO) last announced its earnings results 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 return on equity of 101.89% and a negative net margin of 77.01%. The firm had revenue of $14.00 million for the quarter, compared to the consensus estimate of $10.44 million. During the same quarter last year, the business posted ($1.78) EPS. As a group, equities analysts forecast that Sutro Biopharma will post -2.92 earnings per share for the current year.

Hedge Funds Weigh In On Sutro Biopharma

A number of institutional investors have recently added to or reduced their stakes in the stock. Gladius Capital Management LP bought a new stake in shares of Sutro Biopharma during the third quarter worth $28,000. Dynamic Technology Lab Private Ltd acquired a new position in Sutro Biopharma in the 4th quarter worth about $26,000. China Universal Asset Management Co. Ltd. bought a new position in Sutro Biopharma in the fourth quarter valued at about $32,000. Virtu Financial LLC acquired a new stake in shares of Sutro Biopharma during the third quarter valued at about $77,000. Finally, Vontobel Holding Ltd. grew its holdings in shares of Sutro Biopharma by 66.7% during the fourth quarter. Vontobel Holding Ltd. now owns 25,000 shares of the company’s stock worth $46,000 after purchasing an additional 10,000 shares during the last quarter. 96.99% of the stock is currently owned by institutional investors and hedge funds.

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.