Velan Capital Investment Management LP Acquires 1,000,000 Shares of Sutro Biopharma, Inc. $STRO

Key Points

• Velan Capital Investment Management LP significantly increased its stake in Sutro Biopharma, acquiring an additional 1 million shares, raising its total holding to 1,030,000 shares, which represents a 3,333.3% increase.
• Sutro Biopharma reported a loss of ($0.14) EPS for the last quarter, exceeding estimates, with revenue significantly higher than expected at $63.74 million compared to an estimate of $14.55 million.
• The stock has faced varied analyst ratings, with some brokerages downgrading it to "sell" while others set a target price of $2.00, indicating mixed sentiment among investors.

Velan Capital Investment Management LP grew its stake in Sutro Biopharma, Inc. (NASDAQ:STRO - Free Report) by 3,333.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,030,000 shares of the company's stock after purchasing an additional 1,000,000 shares during the period. Sutro Biopharma comprises about 0.7% of Velan Capital Investment Management LP's investment portfolio, making the stock its 24th biggest position. Velan Capital Investment Management LP owned about 1.22% of Sutro Biopharma worth $670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Wells Fargo & Company MN grew its position in Sutro Biopharma by 24.8% in the 4th quarter. Wells Fargo & Company MN now owns 52,738 shares of the company's stock worth $97,000 after purchasing an additional 10,466 shares during the last quarter. ProShare Advisors LLC grew its position in Sutro Biopharma by 74.3% in the 4th quarter. ProShare Advisors LLC now owns 26,961 shares of the company's stock worth $50,000 after purchasing an additional 11,494 shares during the last quarter. Parkman Healthcare Partners LLC grew its position in Sutro Biopharma by 0.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 1,727,925 shares of the company's stock worth $3,179,000 after purchasing an additional 11,793 shares during the last quarter. Invesco Ltd. grew its position in Sutro Biopharma by 54.2% in the 4th quarter. Invesco Ltd. now owns 38,749 shares of the company's stock worth $71,000 after purchasing an additional 13,620 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Sutro Biopharma by 2.3% during the 4th quarter. Northern Trust Corp now owns 636,920 shares of the company's stock valued at $1,172,000 after acquiring an additional 14,492 shares in the last quarter. 96.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on STRO shares. Wall Street Zen lowered shares of Sutro Biopharma from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Bank of America dropped their target price on shares of Sutro Biopharma from $1.00 to $0.80 and set an "underperform" rating for the company in a research note on Monday, May 19th. Wells Fargo & Company lowered their target price on shares of Sutro Biopharma from $4.00 to $3.00 and set an "equal weight" rating for the company in a report on Tuesday, August 12th. Finally, Piper Sandler upgraded shares of Sutro Biopharma from a "neutral" rating to an "overweight" rating and set a $2.00 price objective for the company in a report on Monday, June 16th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $4.47.

Sutro Biopharma Price Performance

NASDAQ STRO traded down $0.04 on Monday, hitting $0.86. 262,576 shares of the stock were exchanged, compared to its average volume of 390,661. The company has a market capitalization of $72.66 million, a PE ratio of -0.34 and a beta of 1.57. The business's fifty day moving average is $0.81 and its 200 day moving average is $0.92. Sutro Biopharma, Inc. has a 52 week low of $0.52 and a 52 week high of $4.80.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.25. The company had revenue of $63.74 million for the quarter, compared to analyst estimates of $14.55 million. Sutro Biopharma had a negative net margin of 201.32% and a negative return on equity of 852.70%. Analysts predict that Sutro Biopharma, Inc. will post -2.92 EPS for the current fiscal year.

Sutro Biopharma Company Profile

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.