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

Sutro Biopharma, Inc. (NASDAQ:STRO) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $34.58 and last traded at $34.58, with a volume of 201830 shares changing hands. The stock had previously closed at $31.55.

Analyst Upgrades and Downgrades

STRO has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Sutro Biopharma from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. Truist Financial raised shares of Sutro Biopharma to a “strong-buy” rating in a research note on Wednesday, March 25th. Citigroup reaffirmed an “outperform” rating on shares of Sutro Biopharma in a research note on Friday, April 17th. Leerink Partners initiated coverage on shares of Sutro Biopharma in a research note on Tuesday, April 7th. They issued an “outperform” rating and a $38.00 price objective on the stock. Finally, Wall Street Zen raised shares of Sutro Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $38.88.

Sutro Biopharma Price Performance

The business’s 50 day simple moving average is $23.59 and its 200-day simple moving average is $15.35. The stock has a market capitalization of $588.63 million, a P/E ratio of -1.36 and a beta of 1.31.

Institutional Investors Weigh In On Sutro Biopharma

Several hedge funds have recently bought and sold shares of STRO. AQR Capital Management LLC raised its holdings in 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 purchasing an additional 1,206,330 shares during the period. Jane Street Group LLC acquired a new stake in Sutro Biopharma in the second quarter worth $492,000. Jacobs Levy Equity Management Inc. acquired a new stake in Sutro Biopharma in the third quarter worth $387,000. Two Sigma Investments LP raised its holdings in Sutro Biopharma by 244.8% in the third quarter. Two Sigma Investments LP now owns 396,785 shares of the company’s stock worth $345,000 after purchasing an additional 281,717 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Sutro Biopharma in the second quarter worth $166,000. 96.99% of the stock is currently owned by institutional investors and hedge funds.

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.