Wedbush Comments on Sutro Biopharma, Inc.’s Q1 2024 Earnings (NASDAQ:STRO)

Sutro Biopharma, Inc. (NASDAQ:STRO) – Research analysts at Wedbush cut their Q1 2024 earnings estimates for shares of Sutro Biopharma in a note issued to investors on Tuesday, March 26th. Wedbush analyst D. Nierengarten now expects that the company will post earnings per share of ($0.93) for the quarter, down from their prior estimate of ($0.80). Wedbush currently has a “Outperform” rating and a $8.00 price target on the stock. The consensus estimate for Sutro Biopharma’s current full-year earnings is ($3.23) per share. Wedbush also issued estimates for Sutro Biopharma’s Q2 2024 earnings at ($0.95) EPS, Q3 2024 earnings at ($1.17) EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($3.79) EPS, FY2025 earnings at ($3.19) EPS, FY2026 earnings at ($2.94) EPS, FY2027 earnings at ($1.82) EPS and FY2028 earnings at ($0.50) EPS.

Other equities analysts have also issued reports about the stock. HC Wainwright reduced their target price on shares of Sutro Biopharma from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $10.00 target price on shares of Sutro Biopharma in a research report on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $17.00 target price on shares of Sutro Biopharma in a research report on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $13.71.

Sutro Biopharma Price Performance

Shares of NASDAQ STRO opened at $5.65 on Thursday. The company has a market cap of $352.79 million, a P/E ratio of -3.17 and a beta of 0.95. Sutro Biopharma has a 1 year low of $2.01 and a 1 year high of $6.13. The firm has a 50-day simple moving average of $4.50 and a two-hundred day simple moving average of $3.79.

Insider Transactions at Sutro Biopharma

In other news, insider Nicki Vasquez sold 12,185 shares of Sutro Biopharma stock in a transaction on Monday, January 29th. The shares were sold at an average price of $5.00, for a total transaction of $60,925.00. Following the completion of the sale, the insider now directly owns 12,803 shares in the company, valued at $64,015. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STRO. Adage Capital Partners GP L.L.C. raised its position in shares of Sutro Biopharma by 1,275.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 3,105,132 shares of the company’s stock worth $10,775,000 after acquiring an additional 2,879,412 shares during the period. Candriam S.C.A. raised its position in shares of Sutro Biopharma by 135.8% in the first quarter. Candriam S.C.A. now owns 1,860,775 shares of the company’s stock worth $7,913,000 after acquiring an additional 1,071,591 shares during the period. State Street Corp raised its position in shares of Sutro Biopharma by 57.9% in the first quarter. State Street Corp now owns 2,922,712 shares of the company’s stock worth $13,503,000 after acquiring an additional 1,071,427 shares during the period. BlackRock Inc. raised its position in shares of Sutro Biopharma by 19.6% in the second quarter. BlackRock Inc. now owns 6,005,557 shares of the company’s stock worth $27,926,000 after acquiring an additional 984,734 shares during the period. Finally, Kynam Capital Management LP raised its position in shares of Sutro Biopharma by 66.3% in the second quarter. Kynam Capital Management LP now owns 1,500,000 shares of the company’s stock worth $6,975,000 after acquiring an additional 598,164 shares during the period. 96.99% of the stock is currently owned by institutional investors and hedge funds.

About Sutro Biopharma

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.