Sutro Biopharma Inc (NASDAQ:STRO) - Research analysts at Wedbush increased their FY2023 earnings per share (EPS) estimates for Sutro Biopharma in a research report issued on Thursday, September 10th. Wedbush analyst D. Nierengarten now expects that the company will post earnings per share of ($1.91) for the year, up from their prior forecast of ($1.96). Wedbush also issued estimates for Sutro Biopharma's FY2024 earnings at ($0.30) EPS.
STRO has been the subject of several other research reports. Piper Sandler dropped their price objective on shares of Sutro Biopharma from $23.00 to $20.00 in a research note on Monday, May 18th. Jefferies Financial Group started coverage on shares of Sutro Biopharma in a research report on Wednesday, September 2nd. They issued a "buy" rating and a $21.00 price target for the company. BidaskClub upgraded shares of Sutro Biopharma from a "hold" rating to a "buy" rating in a research report on Saturday, September 5th. Zacks Investment Research cut shares of Sutro Biopharma from a "buy" rating to a "hold" rating in a research report on Thursday, August 13th. Finally, TheStreet upgraded shares of Sutro Biopharma from a "d" rating to a "c-" rating in a research report on Friday, August 21st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Sutro Biopharma presently has a consensus rating of "Buy" and an average target price of $17.50.
Shares of NASDAQ:STRO opened at $10.19 on Monday. The company has a market cap of $365.79 million, a price-to-earnings ratio of -9.26 and a beta of 0.60. The company has a debt-to-equity ratio of 0.12, a current ratio of 7.29 and a quick ratio of 7.29. The firm has a 50 day simple moving average of $9.34 and a 200 day simple moving average of $9.36. Sutro Biopharma has a one year low of $6.00 and a one year high of $13.91.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its stake in Sutro Biopharma by 10.5% during the first quarter. Wells Fargo & Company MN now owns 21,462 shares of the company's stock worth $218,000 after acquiring an additional 2,041 shares in the last quarter. Bank of America Corp DE boosted its stake in Sutro Biopharma by 15.1% during the second quarter. Bank of America Corp DE now owns 24,810 shares of the company's stock worth $193,000 after acquiring an additional 3,247 shares in the last quarter. Federated Hermes Inc. bought a new position in Sutro Biopharma during the second quarter worth $29,000. American International Group Inc. boosted its stake in Sutro Biopharma by 59.3% during the second quarter. American International Group Inc. now owns 10,260 shares of the company's stock worth $80,000 after acquiring an additional 3,820 shares in the last quarter. Finally, Barclays PLC boosted its stake in Sutro Biopharma by 3.2% during the second quarter. Barclays PLC now owns 237,359 shares of the company's stock worth $1,841,000 after acquiring an additional 7,418 shares in the last quarter. 67.96% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director John Gordon Freund sold 500,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $8.72, for a total transaction of $4,360,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 501,950 shares of company stock valued at $4,376,673. 28.90% of the stock is currently owned by corporate insiders.
Sutro Biopharma Company Profile
Sutro Biopharma, Inc operates as clinical stage drug discovery, development, and manufacturing company. It focuses on creating protein therapeutics for cancer and autoimmune disorders through integrated cell-free protein synthesis platform, XpressCF. The company's product candidates include STRO-001, an antibody-drug conjugate (ADC) directed against the cancer target CD74 for multiple myeloma and non-Hodgkin lymphoma; and STRO-002, an ADC directed against folate receptor-alpha for patients with ovarian and endometrial cancers.
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