Sutro Biopharma, Inc. (NASDAQ:STRO) Short Interest Up 20.1% in March

Key Points

• Short interest up 20.1% in March to 639,714 shares as of March 31, representing 4.0% of shares sold short and a days-to-cover ratio of 2.8 based on average daily volume.
• Multiple analysts raised ratings and targets — including Deutsche Bank to $55 (buy), HC Wainwright to $28 (buy) and Citizens JMP to $35 (market outperform) — leaving a MarketBeat average rating of Moderate Buy and an average target price of $38.88.
• Shares rallied 8.6% to $31.88 with a market cap of $528M and 50/200-day moving averages of $22.09/$14.61, while institutional investors own about 96.99% of the stock.

Sutro Biopharma, Inc. (NASDAQ:STRO - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totaling 639,714 shares, a growth of 20.1% from the March 15th total of 532,614 shares. Based on an average daily trading volume, of 228,901 shares, the days-to-cover ratio is presently 2.8 days. Currently, 4.0% of the company's shares are sold short.

Analysts Set New Price Targets

A number of equities research analysts recently commented on STRO shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of Sutro Biopharma from $51.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, March 25th. HC Wainwright upgraded shares of Sutro Biopharma from a "neutral" rating to a "buy" rating and upped their price target for the company from $10.00 to $28.00 in a report on Tuesday, March 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Sutro Biopharma in a report on Monday, December 22nd. Wall Street Zen upgraded shares of Sutro Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, March 28th. Finally, Citizens Jmp upped their price objective on shares of Sutro Biopharma from $23.00 to $35.00 and gave the stock a "market outperform" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Sutro Biopharma has an average rating of "Moderate Buy" and an average target price of $38.88.

Institutional Trading of Sutro Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Tennessee Department of Treasury purchased a new stake in shares of Sutro Biopharma in the 4th quarter worth about $86,000. Jane Street Group LLC purchased a new stake in Sutro Biopharma during the 4th quarter valued at about $265,000. Bridgeway Capital Management LLC grew its position in Sutro Biopharma by 232.6% during the 3rd quarter. Bridgeway Capital Management LLC now owns 42,900 shares of the company's stock valued at $37,000 after purchasing an additional 30,000 shares during the last quarter. ADAR1 Capital Management LLC purchased a new stake in Sutro Biopharma during the 4th quarter valued at about $776,000. Finally, Spruce Street Capital LP purchased a new stake in Sutro Biopharma during the 4th quarter valued at about $875,000. 96.99% of the stock is owned by hedge funds and other institutional investors.

Sutro Biopharma Stock Up 8.6%

Shares of NASDAQ:STRO traded up $2.53 during midday trading on Friday, reaching $31.88. The company's stock had a trading volume of 154,749 shares, compared to its average volume of 170,831. The firm has a 50 day moving average of $22.09 and a 200-day moving average of $14.61. The firm has a market capitalization of $528.07 million, a P/E ratio of -1.23 and a beta of 1.31. Sutro Biopharma has a 12-month low of $5.33 and a 12-month high of $32.58.

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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