Sutro Biopharma, Inc. (NASDAQ:STRO) Sees Large Drop in Short Interest

Sutro Biopharma, Inc. (NASDAQ:STRO - Get Free Report) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 1,790,000 shares, a decrease of 25.4% from the October 31st total of 2,400,000 shares. Based on an average trading volume of 647,400 shares, the days-to-cover ratio is presently 2.8 days.

Wall Street Analyst Weigh In

Several analysts recently commented on STRO shares. Piper Sandler reiterated an "overweight" rating and set a $11.00 price target on shares of Sutro Biopharma in a research report on Friday, October 11th. JMP Securities reaffirmed a "market outperform" rating and set a $17.00 target price on shares of Sutro Biopharma in a report on Monday, September 16th. Truist Financial decreased their price target on shares of Sutro Biopharma from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, August 16th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $12.00 price objective on shares of Sutro Biopharma in a research note on Monday, November 18th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $12.14.

Hedge Funds Weigh In On Sutro Biopharma

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its stake in shares of Sutro Biopharma by 1,606.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,447,634 shares of the company's stock valued at $13,032,000 after purchasing an additional 4,186,938 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Sutro Biopharma in the 3rd quarter valued at about $2,852,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Sutro Biopharma during the 3rd quarter worth approximately $1,512,000. Acadian Asset Management LLC increased its position in shares of Sutro Biopharma by 30.8% in the 2nd quarter. Acadian Asset Management LLC now owns 1,574,958 shares of the company's stock valued at $4,613,000 after purchasing an additional 370,705 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Sutro Biopharma by 691.5% in the 2nd quarter. AQR Capital Management LLC now owns 283,516 shares of the company's stock valued at $831,000 after purchasing an additional 247,694 shares during the last quarter. 96.99% of the stock is currently owned by institutional investors and hedge funds.

Sutro Biopharma Stock Performance

Shares of STRO stock traded down $0.04 on Friday, hitting $2.65. 723,064 shares of the stock traded hands, compared to its average volume of 816,586. Sutro Biopharma has a twelve month low of $2.45 and a twelve month high of $6.13. The firm's 50-day moving average price is $3.44 and its two-hundred day moving average price is $3.73. The stock has a market capitalization of $218.52 million, a PE ratio of -1.65 and a beta of 1.17.

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.