Wells Fargo & Company Cuts Sutro Biopharma (NASDAQ:STRO) Price Target to $3.00

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 objective reduced by stock analysts at Wells Fargo & Company from $4.00 to $3.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 288.30% from the stock's previous close.

Several other research firms also recently issued reports on STRO. Piper Sandler raised shares of 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. HC Wainwright reissued a "neutral" rating and issued a $2.00 price target on shares of Sutro Biopharma in a report on Tuesday, April 29th. Wall Street Zen raised shares of Sutro Biopharma from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Bank of America reduced their price target on shares of Sutro Biopharma from $1.00 to $0.80 and set an "underperform" rating for the company in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Sutro Biopharma presently has a consensus rating of "Hold" and an average target price of $5.97.

Sutro Biopharma Stock Down 3.7%

Shares of STRO opened at $0.77 on Tuesday. The company's fifty day moving average is $0.81 and its 200-day moving average is $1.02. The firm has a market cap of $65.49 million, a price-to-earnings ratio of -0.31 and a beta of 1.66. Sutro Biopharma has a 12 month low of $0.52 and a 12 month high of $5.17.

Sutro Biopharma (NASDAQ:STRO - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping 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 net margin of 201.32% and a negative return on equity of 481.57%. As a group, research analysts predict that Sutro Biopharma will post -2.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sutro Biopharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC lifted its holdings in shares of Sutro Biopharma by 74.3% during the 4th quarter. ProShare Advisors LLC now owns 26,961 shares of the company's stock worth $50,000 after acquiring an additional 11,494 shares during the period. Velan Capital Investment Management LP bought a new position in shares of Sutro Biopharma during the 4th quarter worth about $55,000. Catalyst Funds Management Pty Ltd bought a new position in shares of Sutro Biopharma during the 2nd quarter worth about $27,000. Invesco Ltd. increased 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 worth $71,000 after purchasing an additional 13,620 shares in the last quarter. Finally, Cerity Partners LLC acquired a new stake in shares of Sutro Biopharma during the 1st quarter worth about $25,000. 96.99% of the stock is owned by institutional investors.

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.

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