Point72 Asset Management L.P. Increases Holdings in Sutro Biopharma, Inc. (NASDAQ:STRO)

Point72 Asset Management L.P. increased its holdings in Sutro Biopharma, Inc. (NASDAQ:STRO) by 1,606.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,447,634 shares of the company’s stock after buying an additional 4,186,938 shares during the period. Point72 Asset Management L.P. owned about 5.43% of Sutro Biopharma worth $13,032,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in STRO. Price T Rowe Associates Inc. MD grew its holdings in Sutro Biopharma by 24.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,027 shares of the company’s stock valued at $102,000 after buying an additional 3,578 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Sutro Biopharma by 49.1% in the 2nd quarter. ProShare Advisors LLC now owns 16,316 shares of the company’s stock valued at $48,000 after purchasing an additional 5,373 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Sutro Biopharma by 9.7% during the second quarter. Hsbc Holdings PLC now owns 60,858 shares of the company’s stock worth $173,000 after buying an additional 5,404 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Sutro Biopharma by 27.4% in the second quarter. The Manufacturers Life Insurance Company now owns 32,943 shares of the company’s stock valued at $97,000 after buying an additional 7,082 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Sutro Biopharma during the first quarter valued at approximately $92,000. 96.99% of the stock is currently owned by hedge funds and other institutional investors.

Sutro Biopharma Price Performance

Shares of STRO opened at $3.46 on Tuesday. Sutro Biopharma, Inc. has a 12 month low of $2.01 and a 12 month high of $6.13. The stock has a market cap of $283.01 million, a PE ratio of -1.84 and a beta of 1.18. The stock’s 50-day moving average is $4.03 and its two-hundred day moving average is $3.94.

Sutro Biopharma (NASDAQ:STRO) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.20. Sutro Biopharma had a negative net margin of 73.48% and a negative return on equity of 102.06%. The company had revenue of $25.71 million during the quarter, compared to the consensus estimate of $26.28 million. On average, research analysts anticipate that Sutro Biopharma, Inc. will post -2.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on STRO shares. JMP Securities reiterated a “market outperform” rating and issued a $17.00 price target on shares of Sutro Biopharma in a report on Monday, September 16th. Truist Financial lowered their price target on Sutro Biopharma from $18.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Sutro Biopharma in a research report on Monday, September 16th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Sutro Biopharma currently has an average rating of “Buy” and a consensus target price of $12.13.

Sutro Biopharma Company Profile

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.