Sutro Biopharma (NASDAQ:STRO) Shares Gap Down – Here’s Why

Sutro Biopharma, Inc. (NASDAQ:STRO)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $8.70, but opened at $8.22. Sutro Biopharma shares last traded at $8.0450, with a volume of 89,259 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on STRO. Wells Fargo & Company dropped their price objective on Sutro Biopharma from $40.00 to $30.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sutro Biopharma in a report on Monday. Wall Street Zen lowered shares of Sutro Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Wedbush reissued a “neutral” rating and set a $100.00 price objective (up previously from $20.00) on shares of Sutro Biopharma in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.00.

Sutro Biopharma Trading Down 7.7%

The firm has a market capitalization of $73.70 million, a PE ratio of -0.33 and a beta of 1.61. The company has a fifty day moving average price of $9.26 and a two-hundred day moving average price of $8.75.

Sutro Biopharma (NASDAQ:STRO) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.25). Sutro Biopharma had a negative return on equity of 852.70% and a negative net margin of 206.77%.The firm had revenue of $9.69 million for the quarter, compared to analyst estimates of $10.14 million. As a group, equities research analysts predict that Sutro Biopharma, Inc. will post -2.92 earnings per share for the current year.

Insider Activity at Sutro Biopharma

In other Sutro Biopharma news, Director Connie Matsui purchased 5,000 shares of Sutro Biopharma stock in a transaction that occurred on Wednesday, October 15th. The stock was purchased at an average price of $8.00 per share, for a total transaction of $40,000.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $40,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have acquired 11,175 shares of company stock valued at $89,598. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its holdings in Sutro Biopharma by 78.9% in the first quarter. Acadian Asset Management LLC now owns 3,134,586 shares of the company’s stock valued at $2,037,000 after buying an additional 1,382,661 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Sutro Biopharma during the 1st quarter worth approximately $189,000. RA Capital Management L.P. purchased a new stake in shares of Sutro Biopharma during the 1st quarter worth approximately $2,885,000. Velan Capital Investment Management LP grew its holdings in shares of Sutro Biopharma by 3,333.3% in the 1st quarter. Velan Capital Investment Management LP now owns 1,030,000 shares of the company’s stock worth $670,000 after acquiring an additional 1,000,000 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in Sutro Biopharma in the 2nd quarter valued at approximately $48,000. 96.99% of the stock is currently owned by institutional investors and hedge funds.

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.