Sutro Biopharma (NASDAQ:STRO) Given New $3.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Sutro Biopharma (NASDAQ:STRO) from $4.00 to $3.00, maintaining an "equal weight" rating on the stock.
• Multiple research firms have issued varying ratings and price targets for Sutro, with a consensus rating of "Hold" and an average target price of $5.97.
• Sutro Biopharma's shares have recently decreased by 3.7%, with the stock currently trading at about $0.77 and a market capitalization of $65.49 million.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) had its price target reduced by research analysts at Wells Fargo & Company from $4.00 to $3.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 241.69% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Bank of America dropped their price objective on Sutro Biopharma from $1.00 to $0.80 and set an "underperform" rating for the company in a report on Monday, May 19th. Piper Sandler raised Sutro Biopharma from a "neutral" rating to an "overweight" rating and set a $2.00 price objective for the company in a report on Monday, June 16th. Wall Street Zen raised Sutro Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, HC Wainwright reaffirmed a "neutral" rating and issued a $2.00 price objective on shares of Sutro Biopharma in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $5.97.

Sutro Biopharma Price Performance

STRO traded up $0.10 during trading on Tuesday, hitting $0.88. The stock had a trading volume of 1,313,355 shares, compared to its average volume of 448,691. The company has a 50 day moving average price of $0.80 and a 200-day moving average price of $1.00. The firm has a market cap of $74.43 million, a price-to-earnings ratio of -0.35 and a beta of 1.66. Sutro Biopharma has a one year low of $0.52 and a one year high of $5.17.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.25. The business had revenue of $63.74 million during the quarter, compared to the consensus estimate of $14.55 million. Sutro Biopharma had a negative return on equity of 852.70% and a negative net margin of 201.32%. As a group, sell-side analysts predict that Sutro Biopharma will post -2.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Sutro Biopharma

Institutional investors have recently modified their holdings of the business. ProShare Advisors LLC increased its holdings in Sutro Biopharma by 74.3% in the 4th quarter. ProShare Advisors LLC now owns 26,961 shares of the company's stock worth $50,000 after purchasing an additional 11,494 shares in the last quarter. Velan Capital Investment Management LP bought a new stake in shares of Sutro Biopharma in the 4th quarter valued at about $55,000. Catalyst Funds Management Pty Ltd bought a new stake in shares of Sutro Biopharma during the 2nd quarter valued at about $27,000. Invesco Ltd. boosted its position in shares of Sutro Biopharma by 54.2% during the 4th quarter. Invesco Ltd. now owns 38,749 shares of the company's stock valued at $71,000 after purchasing an additional 13,620 shares in the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Sutro Biopharma during the 1st quarter valued at about $25,000. Institutional investors and hedge funds own 96.99% of the company's stock.

Sutro Biopharma Company Profile

Sutro Biopharma, Inc operates as a clinical-stage oncology company. The company develops site-specific and novel-format antibody drug conjugates (ADCs) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF and XpressCF+. Its product candidates include STRO-002, an ADC directed against folate receptor-alpha, which is in Phase II/III clinical trials for patients with ovarian and endometrial cancers; VAX-24 and Vax-31 pneumococcal conjugate vaccine candidates that is in Phase II/III clinical trials for the treatment of invasive pneumococcal disease; and MK-1484, a distinct cytokine derivative molecule that is in Phase I clinical study for the treatment of cancer.