Sutro Biopharma (NASDAQ:STRO) Stock Price Up 9.5% – Here’s What Happened

Sutro Biopharma, Inc. (NASDAQ:STRO) rose 9.5% during trading on Monday . The stock traded as high as $32.36 and last traded at $33.4250. 34,960 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 238,185 shares. The stock had previously closed at $30.52.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Truist Financial assumed coverage on shares of Sutro Biopharma in a research note on Thursday, June 11th. They set a “buy” rating and a $50.00 target price on the stock. Wells Fargo & Company raised shares of Sutro Biopharma from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $8.00 to $27.00 in a research report on Tuesday, March 24th. Mizuho set a $50.00 price target on shares of Sutro Biopharma and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Barclays started coverage on Sutro Biopharma in a research report on Thursday, May 28th. They set an “overweight” rating and a $56.00 price objective on the stock. Finally, Citizens Jmp increased their price objective on Sutro Biopharma from $35.00 to $41.00 and gave the company a “market outperform” rating in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.44.

Sutro Biopharma Stock Performance

The company’s 50-day moving average price is $31.70 and its 200-day moving average price is $22.45. The firm has a market capitalization of $536.21 million, a PE ratio of -2.92 and a beta of 1.54.

Sutro Biopharma (NASDAQ:STRO) last posted its earnings results on Thursday, May 14th. The company reported ($2.94) EPS for the quarter, missing the consensus estimate of ($2.74) by ($0.20). The company had revenue of $14.52 million during the quarter, compared to analysts’ expectations of $8.89 million. As a group, analysts anticipate that Sutro Biopharma, Inc. will post -9.29 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC lifted its stake in Sutro Biopharma by 1,052.8% during the first quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company’s stock worth $859,000 after purchasing an additional 1,206,330 shares during the last quarter. Orbimed Advisors LLC purchased a new position in Sutro Biopharma in the first quarter valued at approximately $19,956,000. Perceptive Advisors LLC acquired a new stake in Sutro Biopharma during the first quarter worth approximately $17,818,000. Jane Street Group LLC purchased a new stake in shares of Sutro Biopharma during the 2nd quarter worth approximately $492,000. Finally, ADAR1 Capital Management LLC lifted its position in shares of Sutro Biopharma by 681.8% during the 1st quarter. ADAR1 Capital Management LLC now owns 524,441 shares of the company’s stock worth $13,064,000 after buying an additional 457,364 shares during the last quarter. Hedge funds and other institutional investors own 96.99% of the company’s stock.

Sutro Biopharma Company Profile

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.