Sutro Biopharma (NASDAQ:STRO) Reaches New 52-Week High - Here's What Happened

Key Points

• Sutro Biopharma shares hit a new 52-week high, last trading around $30.40 and up roughly 3.1% on the session with about 5,480 shares changing hands.
• Multiple analysts have upgraded STRO to Buy/Outperform, leaving a consensus rating of Moderate Buy and an average price target of $37.38.
• Institutional investors own about 96.99% of the company with several funds recently increasing stakes; Sutro is a clinical-stage biotech using its XpressCF™ platform to develop multispecific protein therapeutics in oncology and immunology.

Shares of Sutro Biopharma, Inc. (NASDAQ:STRO - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.66 and last traded at $30.3950, with a volume of 5480 shares trading hands. The stock had previously closed at $28.78.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on STRO. Citigroup raised shares of Sutro Biopharma to an "outperform" rating in a research note on Tuesday, January 20th. Leerink Partners initiated coverage on shares of Sutro Biopharma in a research note on Tuesday, April 7th. They set an "outperform" rating and a $38.00 target price for the company. HC Wainwright upgraded Sutro Biopharma from a "neutral" rating to a "buy" rating and increased their price target for the stock from $10.00 to $28.00 in a report on Tuesday, March 24th. Truist Financial upgraded Sutro Biopharma to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, Citizens Jmp upgraded shares of Sutro Biopharma from a "market perform" rating to a "market outperform" rating and set a $23.00 price objective for the company in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.38.

Sutro Biopharma Trading Up 3.1%

The stock's fifty day moving average price is $21.50 and its 200 day moving average price is $14.40. The stock has a market cap of $491.55 million, a P/E ratio of -1.14 and a beta of 1.31.

Hedge Funds Weigh In On Sutro Biopharma

Institutional investors have recently made changes to their positions in the stock. Bridgeway Capital Management LLC boosted its stake in shares of Sutro Biopharma by 232.6% in 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 in the last quarter. Invesco Ltd. boosted its stake in shares of Sutro Biopharma by 137.8% in the 1st quarter. Invesco Ltd. now owns 92,139 shares of the company's stock valued at $60,000 after purchasing an additional 53,390 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Sutro Biopharma by 169.9% in the 2nd quarter. Cerity Partners LLC now owns 105,437 shares of the company's stock valued at $75,000 after purchasing an additional 66,372 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Sutro Biopharma in the 2nd quarter valued at $82,000. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Sutro Biopharma in the 4th quarter valued at $86,000. 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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