Merck & Co. Inc. Invests $9.04 Million in Sutro Biopharma, Inc. $STRO

Merck & Co. Inc. purchased a new position in Sutro Biopharma, Inc. (NASDAQ:STRO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 272,351 shares of the company's stock, valued at approximately $9,042,053. Sutro Biopharma accounts for 0.0% of Merck & Co. Inc.'s portfolio, making the stock its 7th biggest holding. Merck & Co. Inc. owned about 1.64% of Sutro Biopharma at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State of Tennessee Department of Treasury bought a new position in shares of Sutro Biopharma during the 4th quarter worth about $86,000. Sigma Planning Corp acquired a new stake in shares of Sutro Biopharma in the 1st quarter valued at about $312,000. Bank of America Corp DE increased its position in shares of Sutro Biopharma by 348.1% during the 1st quarter. Bank of America Corp DE now owns 18,873 shares of the company's stock valued at $470,000 after purchasing an additional 14,661 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Sutro Biopharma in the fourth quarter worth $265,000. Finally, Stempoint Capital LP bought a new position in shares of Sutro Biopharma in the first quarter worth approximately $580,000. Institutional investors own 96.99% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial assumed coverage on Sutro Biopharma in a research note on Thursday, June 11th. They issued a "buy" rating and a $50.00 price target for the company. Lifesci Capital upgraded Sutro Biopharma to a "strong-buy" rating in a research note on Friday, May 1st. HC Wainwright boosted their target price on shares of Sutro Biopharma from $28.00 to $50.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Leerink Partners set a $43.00 price target on shares of Sutro Biopharma and gave the company an "outperform" rating in a report on Friday, May 15th. Finally, Wall Street Zen downgraded shares of Sutro Biopharma from a "hold" rating to a "sell" rating in a research report on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Sutro Biopharma presently has an average rating of "Buy" and a consensus target price of $47.30.

Sutro Biopharma Price Performance

STRO stock traded down $0.72 during mid-day trading on Friday, hitting $20.59. 55,025 shares of the stock were exchanged, compared to its average volume of 257,685. 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 $341.38 million, a price-to-earnings ratio of -1.72 and a beta of 1.55. The business has a fifty day moving average price of $25.75 and a 200 day moving average price of $26.42.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.33) earnings per share for the quarter, missing analysts' consensus estimates of ($2.19) by ($0.14). The business had revenue of $9.84 million for the quarter, compared to analyst estimates of $11.96 million. As a group, equities analysts forecast that Sutro Biopharma, Inc. will post -8.41 EPS 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.