Short Interest in Sutro Biopharma, Inc. (NASDAQ:STRO) Grows By 17.0%

Key Points

• Short interest rose 17.0% in April to 748,699 shares (about 4.7% of shares short) with a days-to-cover ratio of 2.9, indicating increased short activity but a relatively low cover time.
• Analysts have grown more bullish—multiple firms raised price targets and the consensus is a "Moderate Buy" with an average target of $40.78—while the stock trades near its 52‑week high (~$35.39) and has a market cap of $586.3M.
• Institutional ownership is very high at 96.99%, with several hedge funds and institutions recently initiating or increasing positions in the company.

Sutro Biopharma, Inc. (NASDAQ:STRO - Get Free Report) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 748,699 shares, an increase of 17.0% from the March 31st total of 639,714 shares. Based on an average daily trading volume, of 260,064 shares, the days-to-cover ratio is currently 2.9 days. Currently, 4.7% of the company's shares are short sold.

Sutro Biopharma Price Performance

Sutro Biopharma stock opened at $35.39 on Thursday. The company's 50 day simple moving average is $25.39 and its 200 day simple moving average is $16.26. Sutro Biopharma has a fifty-two week low of $6.74 and a fifty-two week high of $36.60. The firm has a market capitalization of $586.34 million, a price-to-earnings ratio of -1.36 and a beta of 1.31.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Leerink Partners assumed coverage on shares of Sutro Biopharma in a research report on Tuesday, April 7th. They set an "outperform" rating and a $38.00 price target for the company. Mizuho set a $50.00 price target on shares of Sutro Biopharma in a research report on Thursday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Sutro Biopharma from $51.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, March 25th. HC Wainwright upgraded shares of Sutro Biopharma from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $10.00 to $28.00 in a research report on Tuesday, March 24th. Finally, Citizens Jmp lifted their price target on shares of Sutro Biopharma from $35.00 to $41.00 and gave the stock a "market outperform" rating in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sutro Biopharma presently has an average rating of "Moderate Buy" and an average target price of $40.78.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Tennessee Department of Treasury bought a new position in Sutro Biopharma during the 4th quarter worth approximately $86,000. Jane Street Group LLC bought a new position in Sutro Biopharma during the 4th quarter worth approximately $265,000. Bridgeway Capital Management LLC boosted its stake in Sutro Biopharma by 232.6% during the 3rd quarter. Bridgeway Capital Management LLC now owns 42,900 shares of the company's stock worth $37,000 after acquiring an additional 30,000 shares during the last quarter. Bank of America Corp DE boosted its stake in Sutro Biopharma by 51.3% during the 3rd quarter. Bank of America Corp DE now owns 119,434 shares of the company's stock worth $104,000 after acquiring an additional 40,488 shares during the last quarter. Finally, Shay Capital LLC lifted its stake in Sutro Biopharma by 20.1% in the third quarter. Shay Capital LLC now owns 312,051 shares of the company's stock valued at $271,000 after buying an additional 52,162 shares in the last quarter. Institutional investors own 96.99% of the company's stock.

About Sutro Biopharma

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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