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

Sutro Biopharma, Inc. (NASDAQ:STRO) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 2,290,000 shares, a growth of 20.5% from the May 31st total of 1,900,000 shares. Based on an average daily volume of 978,300 shares, the days-to-cover ratio is presently 2.3 days.

Sutro Biopharma Trading Up 1.0 %

Shares of NASDAQ STRO traded up $0.03 during trading hours on Monday, reaching $2.96. The stock had a trading volume of 373,154 shares, compared to its average volume of 936,947. The firm has a market cap of $242.11 million, a price-to-earnings ratio of -1.56 and a beta of 1.24. The business’s fifty day moving average price is $3.79 and its two-hundred day moving average price is $4.18. Sutro Biopharma has a 52-week low of $2.01 and a 52-week high of $6.13.

Sutro Biopharma (NASDAQ:STRO) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.03). The firm had revenue of $13.01 million during the quarter, compared to analysts’ expectations of $11.57 million. Sutro Biopharma had a negative net margin of 74.61% and a negative return on equity of 94.18%. Equities research analysts anticipate that Sutro Biopharma will post -3.19 earnings per share for the current fiscal year.

Institutional Trading of Sutro Biopharma

A number of hedge funds have recently bought and sold shares of STRO. Adage Capital Partners GP L.L.C. lifted its holdings in Sutro Biopharma by 1,275.7% during the third quarter. Adage Capital Partners GP L.L.C. now owns 3,105,132 shares of the company’s stock worth $10,775,000 after buying an additional 2,879,412 shares during the period. Kynam Capital Management LP lifted its holdings in Sutro Biopharma by 3.5% during the third quarter. Kynam Capital Management LP now owns 1,552,675 shares of the company’s stock worth $5,388,000 after buying an additional 52,675 shares during the period. Sectoral Asset Management Inc. lifted its holdings in Sutro Biopharma by 7.9% during the third quarter. Sectoral Asset Management Inc. now owns 432,339 shares of the company’s stock worth $1,500,000 after buying an additional 31,693 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Sutro Biopharma by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 35,856 shares of the company’s stock worth $154,000 after buying an additional 9,092 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Sutro Biopharma by 25.6% during the fourth quarter. SG Americas Securities LLC now owns 40,779 shares of the company’s stock worth $175,000 after buying an additional 8,314 shares during the period. Hedge funds and other institutional investors own 96.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STRO. HC Wainwright reissued a “buy” rating and set a $12.00 price objective on shares of Sutro Biopharma in a research note on Tuesday, May 14th. JMP Securities reissued a “market outperform” rating and set a $17.00 price objective on shares of Sutro Biopharma in a research note on Wednesday, April 3rd. Wedbush reissued an “outperform” rating and set a $8.00 price objective on shares of Sutro Biopharma in a research note on Tuesday, May 14th. Oppenheimer reissued an “outperform” rating and set a $10.00 price objective on shares of Sutro Biopharma in a research note on Wednesday, May 15th. Finally, Piper Sandler reissued an “overweight” rating and set a $11.00 price objective (down from $12.00) on shares of Sutro Biopharma in a research note on Wednesday, April 3rd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $12.50.

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.