Bank of New York Mellon Corp lifted its stake in Sutro Biopharma, Inc. (NASDAQ:STRO – Free Report) by 3.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 261,451 shares of the company’s stock after buying an additional 8,633 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.43% of Sutro Biopharma worth $907,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Point72 Hong Kong Ltd purchased a new position in Sutro Biopharma during the second quarter worth approximately $46,000. Wells Fargo & Company MN boosted its position in Sutro Biopharma by 331.7% during the fourth quarter. Wells Fargo & Company MN now owns 5,690 shares of the company’s stock worth $46,000 after purchasing an additional 4,372 shares in the last quarter. Ergoteles LLC purchased a new position in Sutro Biopharma during the second quarter worth approximately $54,000. Lazard Asset Management LLC purchased a new position in Sutro Biopharma during the first quarter worth approximately $56,000. Finally, Squarepoint Ops LLC purchased a new position in Sutro Biopharma during the first quarter worth approximately $60,000. Hedge funds and other institutional investors own 89.40% of the company’s stock.
Sutro Biopharma Stock Down 1.7 %
STRO opened at $4.69 on Friday. Sutro Biopharma, Inc. has a 52 week low of $2.01 and a 52 week high of $6.93. The business has a fifty day simple moving average of $4.14 and a 200-day simple moving average of $3.79. The firm has a market cap of $285.86 million, a P/E ratio of -1.61 and a beta of 0.91.
Insider Activity at Sutro Biopharma
In related news, insider Nicki Vasquez sold 12,185 shares of Sutro Biopharma stock in a transaction on Monday, January 29th. The stock was sold at an average price of $5.00, for a total value of $60,925.00. Following the completion of the transaction, the insider now directly owns 12,803 shares in the company, valued at $64,015. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.90% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Sutro Biopharma in a report on Friday, January 5th. HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Sutro Biopharma in a report on Tuesday, November 14th. Piper Sandler reduced their target price on Sutro Biopharma from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, November 15th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Sutro Biopharma in a report on Thursday, November 9th. They set a “buy” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.00.
Sutro Biopharma Profile
Sutro Biopharma, Inc operates as a clinical-stage oncology company. It develops site-specific and novel-format antibody drug conjugates (ADC) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF and XpressCF+. The company's product candidates include STRO-001, an ADC directed against the cancer target CD74 for patients with multiple myeloma and non-Hodgkin lymphoma that is in Phase 1 clinical trials; and STRO-002, an ADC directed against folate receptor-alpha for patients with ovarian and endometrial cancers, which is in Phase 1 clinical trials.
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