Sutro Biopharma (NASDAQ:STRO) Trading 11.7% Higher – Here’s What Happened

Sutro Biopharma, Inc. (NASDAQ:STRO) traded up 11.7% on Thursday . The company traded as high as $30.48 and last traded at $30.3660. 34,786 shares were traded during mid-day trading, a decline of 83% from the average session volume of 209,953 shares. The stock had previously closed at $27.18.

Analyst Upgrades and Downgrades

STRO has been the subject of several analyst reports. Wells Fargo & Company upgraded Sutro Biopharma from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $8.00 to $27.00 in a research note on Tuesday, March 24th. Deutsche Bank Aktiengesellschaft upped their target price on Sutro Biopharma from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. Mizuho set a $50.00 target price on Sutro Biopharma and gave the company an “outperform” rating in a research note on Thursday, April 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sutro Biopharma in a research note on Friday, May 8th. Finally, Barclays assumed coverage on Sutro Biopharma in a research note on Thursday, May 28th. They issued an “overweight” rating and a $56.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $49.11.

Sutro Biopharma Price Performance

The stock has a 50-day simple moving average of $30.66 and a 200-day simple moving average of $20.08. The stock has a market cap of $468.04 million, a PE ratio of -2.56 and a beta of 1.54.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($2.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.74) by ($0.20). The business had revenue of $14.52 million during the quarter, compared to analysts’ expectations of $8.89 million. As a group, equities research analysts anticipate that Sutro Biopharma, Inc. will post -8.81 EPS for the current year.

Institutional Investors Weigh In On Sutro Biopharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. Velan Capital Investment Management LP boosted its position in shares of Sutro Biopharma by 2.0% in the third quarter. Velan Capital Investment Management LP now owns 3,120,000 shares of the company’s stock worth $2,709,000 after buying an additional 60,000 shares during the period. UBS Group AG boosted its position in shares of Sutro Biopharma by 14.0% in the third quarter. UBS Group AG now owns 1,845,839 shares of the company’s stock worth $1,602,000 after buying an additional 226,955 shares during the period. AQR Capital Management LLC boosted its position in shares of Sutro Biopharma by 1,052.8% in the first quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company’s stock worth $859,000 after buying an additional 1,206,330 shares during the period. Affinity Asset Advisors LLC boosted its position in shares of Sutro Biopharma by 42.9% in the first quarter. Affinity Asset Advisors LLC now owns 1,069,519 shares of the company’s stock worth $26,642,000 after buying an additional 321,137 shares during the period. Finally, Orbimed Advisors LLC purchased a new stake in shares of Sutro Biopharma in the first quarter worth about $19,956,000. 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.