Short Interest in Sutro Biopharma, Inc. (NASDAQ:STRO) Increases By 20.5%

Sutro Biopharma, Inc. (NASDAQ:STRO) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 2,290,000 shares, an increase of 20.5% from the May 31st total of 1,900,000 shares. Based on an average daily volume of 978,300 shares, the days-to-cover ratio is presently 2.3 days.

Institutional Investors Weigh In On Sutro Biopharma

Institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. increased its position in shares of Sutro Biopharma by 1,275.7% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 3,105,132 shares of the company’s stock valued at $10,775,000 after acquiring an additional 2,879,412 shares during the period. Kynam Capital Management LP grew its stake in Sutro Biopharma by 3.5% during the 3rd quarter. Kynam Capital Management LP now owns 1,552,675 shares of the company’s stock valued at $5,388,000 after purchasing an additional 52,675 shares during the last quarter. Sectoral Asset Management Inc. increased its holdings in shares of Sutro Biopharma by 7.9% in the third quarter. Sectoral Asset Management Inc. now owns 432,339 shares of the company’s stock valued at $1,500,000 after purchasing an additional 31,693 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Sutro Biopharma by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 35,856 shares of the company’s stock worth $154,000 after purchasing an additional 9,092 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Sutro Biopharma by 25.6% during the fourth quarter. SG Americas Securities LLC now owns 40,779 shares of the company’s stock worth $175,000 after purchasing an additional 8,314 shares during the period. Institutional investors and hedge funds own 96.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Truist Financial decreased their price objective on shares of Sutro Biopharma from $25.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. JMP Securities reissued a “market outperform” rating and issued a $17.00 target price on shares of Sutro Biopharma in a research report on Wednesday, April 3rd. Wedbush reaffirmed an “outperform” rating and set a $8.00 price target on shares of Sutro Biopharma in a report on Tuesday, May 14th. Bank of America began coverage on shares of Sutro Biopharma in a report on Wednesday, May 8th. They set a “buy” rating and a $12.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Sutro Biopharma in a research report on Tuesday, May 14th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $12.50.

Sutro Biopharma Stock Performance

Sutro Biopharma stock opened at $2.91 on Monday. Sutro Biopharma has a fifty-two week low of $2.01 and a fifty-two week high of $6.13. The company has a market capitalization of $238.02 million, a PE ratio of -1.56 and a beta of 1.24. The company has a 50 day moving average price of $3.79 and a 200-day moving average price of $4.18.

Sutro Biopharma (NASDAQ:STRO) last posted its earnings results on Monday, May 13th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.03). The business had revenue of $13.01 million for the quarter, compared to analysts’ expectations of $11.57 million. Sutro Biopharma had a negative net margin of 74.61% and a negative return on equity of 94.18%. On average, analysts forecast that Sutro Biopharma will post -3.19 earnings per share for the current year.

About Sutro Biopharma

Sutro Biopharma, Inc operates as a clinical-stage oncology company. The company develops site-specific and novel-format antibody drug conjugates (ADCs) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF and XpressCF+. Its product candidates include STRO-002, an ADC directed against folate receptor-alpha, which is in Phase II/III clinical trials for patients with ovarian and endometrial cancers; VAX-24 and Vax-31 pneumococcal conjugate vaccine candidates that is in Phase II/III clinical trials for the treatment of invasive pneumococcal disease; and MK-1484, a distinct cytokine derivative molecule that is in Phase I clinical study for the treatment of cancer.