Sutro Biopharma, Inc. (NASDAQ:STRO) Sees Large Decline in Short Interest

Sutro Biopharma, Inc. (NASDAQ:STRO) was the recipient of a large decline in short interest in May. As of May 29th, there was short interest totaling 751,365 shares, a decline of 37.0% from the May 14th total of 1,193,156 shares. Based on an average daily trading volume, of 434,201 shares, the short-interest ratio is currently 1.7 days. Approximately 4.8% of the shares of the company are sold short.

Sutro Biopharma Stock Performance

NASDAQ STRO opened at $30.28 on Tuesday. The stock has a 50 day moving average price of $31.13 and a 200-day moving average price of $21.12. Sutro Biopharma has a one year low of $6.74 and a one year high of $43.85. The company has a market capitalization of $501.71 million, a P/E ratio of -2.68 and a beta of 1.54.

Sutro Biopharma (NASDAQ:STRO) last released 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 company had revenue of $14.52 million for the quarter, compared to the consensus estimate of $8.89 million. As a group, equities analysts predict that Sutro Biopharma will post -9.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its stake in shares of Sutro Biopharma by 137.8% in the 1st quarter. Invesco Ltd. now owns 92,139 shares of the company’s stock valued at $60,000 after purchasing an additional 53,390 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Sutro Biopharma by 1,052.8% during the 1st quarter. AQR Capital Management LLC now owns 1,320,917 shares of the company’s stock valued at $859,000 after purchasing an additional 1,206,330 shares during the last quarter. Strs Ohio purchased a new stake in Sutro Biopharma during the 1st quarter valued at $99,000. Marshall Wace LLP purchased a new stake in Sutro Biopharma during the 2nd quarter valued at $166,000. Finally, Cerity Partners LLC lifted its position in Sutro Biopharma by 169.9% in the second quarter. Cerity Partners LLC now owns 105,437 shares of the company’s stock worth $75,000 after buying an additional 66,372 shares during the last quarter. Institutional investors own 96.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on STRO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sutro Biopharma in a report on Friday, May 8th. Citigroup restated an “outperform” rating on shares of Sutro Biopharma in a research note on Friday, April 17th. Lifesci Capital raised Sutro Biopharma to a “strong-buy” rating in a report on Friday, May 1st. Deutsche Bank Aktiengesellschaft increased their target price on Sutro Biopharma from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Finally, Wells Fargo & Company raised Sutro Biopharma from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $8.00 to $27.00 in a report on Tuesday, March 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.44.

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.