Sutro Biopharma (NASDAQ:STRO) Posts Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Key Points

• Sutro Biopharma missed quarterly expectations: The company reported a loss of $2.33 per share versus the $2.19 consensus estimate, while revenue of $9.84 million fell short of analysts’ $11.96 million forecast.
• Shares declined sharply by $5.89 to $19.15 during Wednesday trading, with the stock remaining well below its 52-week high of $43.85.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $52.00, while institutional investors own approximately 96.99% of the shares.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($2.33) EPS for the quarter, missing analysts' consensus estimates of ($2.19) by ($0.14), FiscalAI reports. The firm had revenue of $9.84 million during the quarter, compared to analyst estimates of $11.96 million.

Sutro Biopharma Price Performance

Shares of Sutro Biopharma stock traded down $5.89 during midday trading on Wednesday, hitting $19.15. The company had a trading volume of 286,523 shares, compared to its average volume of 249,892. Sutro Biopharma has a 1-year low of $7.15 and a 1-year high of $43.85. The business's 50 day simple moving average is $27.24 and its two-hundred day simple moving average is $25.91. The stock has a market cap of $317.32 million, a PE ratio of -1.73 and a beta of 1.55.

Analyst Upgrades and Downgrades

Several equities analysts have commented on STRO shares. Lifesci Capital upgraded Sutro Biopharma to a "strong-buy" rating in a report on Friday, May 1st. Truist Financial initiated coverage on shares of Sutro Biopharma in a research note on Thursday, June 11th. They issued a "buy" rating and a $50.00 price objective for the company. Stifel Nicolaus set a $48.00 price objective on shares of Sutro Biopharma and gave the stock a "buy" rating in a report on Friday, August 7th. Citizens Jmp raised their target price on shares of Sutro Biopharma from $35.00 to $41.00 and gave the company a "market outperform" rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen downgraded shares of Sutro Biopharma from a "hold" rating to a "sell" rating in a report on Sunday, June 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sutro Biopharma presently has an average rating of "Moderate Buy" and an average price target of $52.00.

Institutional Trading of Sutro Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of STRO. Bridgeway Capital Management LLC raised its position in shares of Sutro Biopharma by 232.6% during the third quarter. Bridgeway Capital Management LLC now owns 42,900 shares of the company's stock valued at $37,000 after buying an additional 30,000 shares during the last quarter. Invesco Ltd. grew its position in Sutro Biopharma by 137.8% during the first quarter. Invesco Ltd. now owns 92,139 shares of the company's stock worth $60,000 after buying an additional 53,390 shares in the last quarter. Cerity Partners LLC increased its stake in Sutro Biopharma by 169.9% during the second quarter. Cerity Partners LLC now owns 105,437 shares of the company's stock valued at $75,000 after acquiring an additional 66,372 shares during the period. Qube Research & Technologies Ltd bought a new position in Sutro Biopharma during the second quarter valued at about $82,000. Finally, State of Tennessee Department of Treasury acquired a new position in Sutro Biopharma in the 4th quarter valued at approximately $86,000. 96.99% of the stock is currently owned by institutional investors and hedge funds.

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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