Short Interest in Sutro Biopharma Inc (NASDAQ:STRO) Drops By 12.0%

Sutro Biopharma Inc (NASDAQ:STRO) saw a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 140,300 shares, a drop of 12.0% from the September 30th total of 159,500 shares. Based on an average trading volume of 58,100 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.6% of the shares of the company are short sold.

STRO has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating on shares of Sutro Biopharma in a research report on Wednesday, October 30th. ValuEngine lowered Sutro Biopharma from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. JMP Securities reiterated a “market outperform” rating and issued a $16.00 target price on shares of Sutro Biopharma in a research report on Thursday, September 5th. BTIG Research initiated coverage on Sutro Biopharma in a research report on Monday, October 7th. They issued a “buy” rating and a $19.00 price objective for the company. Finally, Zacks Investment Research downgraded Sutro Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, August 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Sutro Biopharma presently has a consensus rating of “Buy” and a consensus target price of $19.40.

Shares of STRO stock opened at $11.25 on Tuesday. Sutro Biopharma has a twelve month low of $7.69 and a twelve month high of $12.49. The business’s fifty day moving average is $10.47 and its 200 day moving average is $10.40.

Sutro Biopharma (NASDAQ:STRO) last released its earnings results on Friday, November 8th. The company reported ($0.56) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.09. The business had revenue of $12.28 million during the quarter, compared to analysts’ expectations of $8.88 million. As a group, equities analysts anticipate that Sutro Biopharma will post -2.49 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. bought a new stake in shares of Sutro Biopharma in the second quarter worth approximately $3,669,000. BlackRock Inc. lifted its holdings in shares of Sutro Biopharma by 72.4% during the 2nd quarter. BlackRock Inc. now owns 544,148 shares of the company’s stock valued at $6,193,000 after buying an additional 228,480 shares during the period. Creative Planning purchased a new position in shares of Sutro Biopharma in the 2nd quarter worth $359,000. Millennium Management LLC grew its holdings in shares of Sutro Biopharma by 2,503.7% in the third quarter. Millennium Management LLC now owns 26,037 shares of the company’s stock worth $236,000 after acquiring an additional 25,037 shares during the period. Finally, Jennison Associates LLC increased its position in Sutro Biopharma by 15.3% during the second quarter. Jennison Associates LLC now owns 158,874 shares of the company’s stock valued at $1,808,000 after acquiring an additional 21,086 shares during the last quarter. Institutional investors own 51.08% of the company’s stock.

Sutro Biopharma Company Profile

Sutro Biopharma, Inc operates as clinical stage drug discovery, development, and manufacturing company. It focuses on creating protein therapeutics for cancer and autoimmune disorders through integrated cell-free protein synthesis platform, XpressCF. The company's product candidates include STRO-001, an antibody-drug conjugate (ADC) directed against the cancer target CD74 for multiple myeloma and non-Hodgkin lymphoma; and STRO-002, an ADC directed against folate receptor-alpha for patients with ovarian and endometrial cancers.

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