Affinity Asset Advisors LLC Grows Stock Holdings in Sutro Biopharma, Inc. $STRO

Key Points

• Affinity Asset Advisors boosted its stake in Sutro Biopharma by 42.9% in the first quarter, ending with 1,069,519 shares worth about $26.6 million. The position now represents about 1.4% of the firm’s portfolio.
• Several other hedge funds also increased or initiated positions, and institutional investors now own 96.99% of Sutro Biopharma’s stock. Notable moves included a large increase by AQR Capital Management and new stakes from Jane Street Group and Marshall Wace.
• Analyst sentiment is mixed but leans positive, with a Moderate Buy consensus and an average price target of $52.44. Recent views ranged from bullish calls by Barclays, Leerink Partners, and Truist to downgrades from Wall Street Zen and Weiss Ratings.

Affinity Asset Advisors LLC grew its holdings in shares of Sutro Biopharma, Inc. (NASDAQ:STRO - Free Report) by 42.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,069,519 shares of the company's stock after purchasing an additional 321,137 shares during the quarter. Sutro Biopharma makes up about 1.4% of Affinity Asset Advisors LLC's investment portfolio, making the stock its 22nd biggest position. Affinity Asset Advisors LLC owned 6.45% of Sutro Biopharma worth $26,642,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC lifted its position in Sutro Biopharma by 1,052.8% during the first quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company's stock worth $859,000 after buying an additional 1,206,330 shares during the period. Jane Street Group LLC purchased a new stake in Sutro Biopharma in the second quarter valued at approximately $492,000. Jacobs Levy Equity Management Inc. acquired a new position in Sutro Biopharma during the third quarter worth approximately $387,000. Two Sigma Investments LP raised its stake in Sutro Biopharma by 244.8% during the third quarter. Two Sigma Investments LP now owns 396,785 shares of the company's stock worth $345,000 after purchasing an additional 281,717 shares during the period. Finally, Marshall Wace LLP purchased a new position in Sutro Biopharma during the second quarter worth approximately $166,000. Institutional investors and hedge funds own 96.99% of the company's stock.

Analyst Upgrades and Downgrades

STRO has been the subject of a number of research analyst reports. Barclays assumed coverage on Sutro Biopharma in a report on Thursday, May 28th. They set an "overweight" rating and a $56.00 price objective for the company. Leerink Partners set a $43.00 price target on Sutro Biopharma and gave the stock an "outperform" rating in a research note on Friday, May 15th. Wall Street Zen downgraded Sutro Biopharma from a "hold" rating to a "sell" rating in a report on Sunday, June 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sutro Biopharma in a report on Friday, May 8th. Finally, Truist Financial started coverage on shares of Sutro Biopharma in a research report on Thursday, June 11th. They set a "buy" rating and a $50.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $52.44.

Sutro Biopharma Price Performance

STRO opened at $22.88 on Friday. Sutro Biopharma, Inc. has a 12-month low of $7.15 and a 12-month high of $43.85. The stock has a market capitalization of $379.12 million, a PE ratio of -2.07 and a beta of 1.51. The firm's fifty day moving average price is $28.27 and its 200 day moving average price is $24.81.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.74) by ($0.20). The company had revenue of $14.52 million during the quarter, compared to analyst estimates of $8.89 million. On average, equities research analysts forecast that Sutro Biopharma, Inc. will post -9 earnings per share for the current fiscal year.

Sutro Biopharma Profile

Sutro Biopharma, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of novel biologic drug candidates in the fields of oncology and immunology. The company leverages a proprietary cell-free protein synthesis platform, XpressCF™, to design and produce complex, multi-specific proteins that include antibody-drug conjugates, bispecific antibodies, and cytokine fusion proteins. This platform enables rapid generation and optimization of protein therapeutics that may not be feasible with traditional cell-based expression systems.

Founded in 2003 and headquartered in South San Francisco, California, Sutro Biopharma has built a pipeline of immuno-oncology candidates in various stages of preclinical and clinical development.

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