Wedbush Trims Sutro Biopharma (NASDAQ:STRO) Target Price to $8.00

Sutro Biopharma (NASDAQ:STRO) had its target price reduced by Wedbush from $12.00 to $8.00 in a research report report published on Tuesday, Marketbeat.com reports. Wedbush currently has an outperform rating on the stock. Wedbush also issued estimates for Sutro Biopharma’s Q1 2024 earnings at ($0.93) EPS, Q2 2024 earnings at ($0.95) EPS, Q3 2024 earnings at ($1.17) EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($3.79) EPS, Q1 2025 earnings at ($0.83) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.74) EPS, Q4 2025 earnings at ($0.76) EPS, FY2025 earnings at ($3.19) EPS, FY2026 earnings at ($2.94) EPS, FY2027 earnings at ($1.82) EPS and FY2028 earnings at ($0.50) EPS.

STRO has been the subject of several other research reports. JMP Securities restated a market outperform rating and issued a $17.00 price target on shares of Sutro Biopharma in a research note on Tuesday. HC Wainwright dropped their price target on shares of Sutro Biopharma from $16.00 to $12.00 and set a buy rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $13.71.

Sutro Biopharma Stock Performance

Sutro Biopharma stock opened at $5.65 on Tuesday. The firm has a 50 day moving average price of $4.53 and a 200 day moving average price of $3.79. The company has a market capitalization of $352.79 million, a PE ratio of -3.17 and a beta of 0.95. Sutro Biopharma has a fifty-two week low of $2.01 and a fifty-two week high of $6.13.

Insider Buying and Selling

In related news, insider Nicki Vasquez sold 12,185 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $5.00, for a total transaction of $60,925.00. Following the completion of the transaction, the insider now owns 12,803 shares in the company, valued at $64,015. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Sutro Biopharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. lifted its position in Sutro Biopharma by 1,275.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 3,105,132 shares of the company’s stock valued at $10,775,000 after acquiring an additional 2,879,412 shares during the last quarter. Acadian Asset Management LLC lifted its position in Sutro Biopharma by 18.2% in the third quarter. Acadian Asset Management LLC now owns 773,867 shares of the company’s stock valued at $2,684,000 after acquiring an additional 119,399 shares during the last quarter. Panagora Asset Management Inc. lifted its position in Sutro Biopharma by 8.3% in the third quarter. Panagora Asset Management Inc. now owns 369,148 shares of the company’s stock valued at $1,281,000 after acquiring an additional 28,160 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Sutro Biopharma by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 35,856 shares of the company’s stock valued at $154,000 after acquiring an additional 9,092 shares during the last quarter. Finally, Suvretta Capital Management LLC lifted its position in Sutro Biopharma by 3.4% in the second quarter. Suvretta Capital Management LLC now owns 5,883,693 shares of the company’s stock valued at $27,359,000 after acquiring an additional 194,607 shares during the last quarter. 96.99% of the stock is owned by hedge funds and other institutional investors.

Sutro Biopharma Company Profile

Sutro Biopharma, Inc operates as a clinical-stage oncology company. It develops site-specific and novel-format antibody drug conjugates (ADC) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF and XpressCF+. The company's product candidates include STRO-001, an ADC directed against the cancer target CD74 for patients with multiple myeloma and non-Hodgkin lymphoma that is in Phase 1 clinical trials; and STRO-002, an ADC directed against folate receptor-alpha for patients with ovarian and endometrial cancers, which is in Phase 1 clinical trials.