Baillie Gifford & Co. Lowers Holdings in Sutro Biopharma, Inc. (NASDAQ:STRO)

Baillie Gifford & Co. reduced its stake in shares of Sutro Biopharma, Inc. (NASDAQ:STRO) by 17.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,519,341 shares of the company’s stock after selling 329,410 shares during the period. Baillie Gifford & Co.’s holdings in Sutro Biopharma were worth $5,257,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sutro Biopharma by 24.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,027 shares of the company’s stock valued at $102,000 after purchasing an additional 3,578 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Sutro Biopharma by 49.1% in the second quarter. ProShare Advisors LLC now owns 16,316 shares of the company’s stock valued at $48,000 after acquiring an additional 5,373 shares during the last quarter. Hsbc Holdings PLC grew its position in Sutro Biopharma by 9.7% during the second quarter. Hsbc Holdings PLC now owns 60,858 shares of the company’s stock valued at $173,000 after acquiring an additional 5,404 shares during the period. The Manufacturers Life Insurance Company increased its stake in Sutro Biopharma by 27.4% during the second quarter. The Manufacturers Life Insurance Company now owns 32,943 shares of the company’s stock worth $97,000 after acquiring an additional 7,082 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Sutro Biopharma in the 1st quarter worth about $92,000. 96.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STRO. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of Sutro Biopharma in a report on Friday, October 11th. Truist Financial dropped their price objective on shares of Sutro Biopharma from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Piper Sandler restated an “overweight” rating and set a $11.00 target price on shares of Sutro Biopharma in a report on Friday, October 11th. Finally, 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $12.14.

Sutro Biopharma Price Performance

Sutro Biopharma stock opened at $3.96 on Thursday. The firm’s fifty day moving average price is $3.78 and its 200 day moving average price is $3.84. The company has a market capitalization of $324.56 million, a price-to-earnings ratio of -2.16 and a beta of 1.17. Sutro Biopharma, Inc. has a 12-month low of $2.06 and a 12-month high of $6.13.

Sutro Biopharma (NASDAQ:STRO) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.59) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.20. The business had revenue of $25.71 million for the quarter, compared to analysts’ expectations of $26.28 million. Sutro Biopharma had a negative return on equity of 102.06% and a negative net margin of 73.48%. Analysts forecast that Sutro Biopharma, Inc. will post -2.96 earnings per share for the current fiscal 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.