Principal Financial Group Inc. Cuts Stock Holdings in Sutro Biopharma, Inc. (NASDAQ:STRO)

Principal Financial Group Inc. cut its stake in shares of Sutro Biopharma, Inc. (NASDAQ:STRO) by 41.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,853 shares of the company’s stock after selling 7,792 shares during the period. Principal Financial Group Inc.’s holdings in Sutro Biopharma were worth $32,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Panagora Asset Management Inc. lifted its position in Sutro Biopharma by 15.6% during the second quarter. Panagora Asset Management Inc. now owns 907,503 shares of the company’s stock valued at $2,659,000 after buying an additional 122,299 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Sutro Biopharma by 47.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 272,719 shares of the company’s stock valued at $799,000 after acquiring an additional 88,034 shares during the period. Virtu Financial LLC lifted its holdings in shares of Sutro Biopharma by 276.7% during the 1st quarter. Virtu Financial LLC now owns 63,157 shares of the company’s stock valued at $357,000 after acquiring an additional 46,391 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Sutro Biopharma by 214.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,069,522 shares of the company’s stock worth $6,043,000 after purchasing an additional 729,239 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in Sutro Biopharma by 56.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 96,657 shares of the company’s stock valued at $546,000 after purchasing an additional 34,879 shares in the last quarter. 96.99% of the stock is currently owned by institutional investors and hedge funds.

Sutro Biopharma Trading Down 17.8 %

Shares of STRO stock opened at $3.70 on Tuesday. The company has a market capitalization of $303.25 million, a price-to-earnings ratio of -1.97 and a beta of 1.18. Sutro Biopharma, Inc. has a 1-year low of $2.01 and a 1-year high of $6.13. The stock’s fifty day simple moving average is $4.07 and its 200-day simple moving average is $4.02.

Sutro Biopharma (NASDAQ:STRO) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.20. Sutro Biopharma had a negative net margin of 73.48% and a negative return on equity of 102.06%. The firm had revenue of $25.71 million for the quarter, compared to the consensus estimate of $26.28 million. On average, sell-side analysts predict that Sutro Biopharma, Inc. will post -2.96 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on STRO. Truist Financial reduced their price target on Sutro Biopharma from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of Sutro Biopharma in a research report on Monday. Finally, JMP Securities restated a “market outperform” rating and set a $17.00 target price on shares of Sutro Biopharma in a research note on Monday. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Sutro Biopharma currently has an average rating of “Buy” and a consensus price target of $12.13.

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.