Millennium Management LLC Trims Stock Position in Sutro Biopharma, Inc. (NASDAQ:STRO)

Millennium Management LLC lessened its holdings in shares of Sutro Biopharma, Inc. (NASDAQ:STRO) by 7.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,361,893 shares of the company’s stock after selling 374,070 shares during the period. Millennium Management LLC owned approximately 5.33% of Sutro Biopharma worth $12,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in STRO. Jacobs Levy Equity Management Inc. increased its holdings in Sutro Biopharma by 214.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,069,522 shares of the company’s stock valued at $6,043,000 after buying an additional 729,239 shares in the last quarter. Kynam Capital Management LP increased its holdings in Sutro Biopharma by 28.9% in the fourth quarter. Kynam Capital Management LP now owns 2,001,727 shares of the company’s stock valued at $8,587,000 after buying an additional 449,052 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Sutro Biopharma by 30.8% in the second quarter. Acadian Asset Management LLC now owns 1,574,958 shares of the company’s stock valued at $4,613,000 after buying an additional 370,705 shares in the last quarter. Opaleye Management Inc. purchased a new position in Sutro Biopharma in the fourth quarter valued at $1,293,000. Finally, AQR Capital Management LLC increased its holdings in Sutro Biopharma by 691.5% in the second quarter. AQR Capital Management LLC now owns 283,516 shares of the company’s stock valued at $831,000 after buying an additional 247,694 shares in the last quarter. Hedge funds and other institutional investors own 96.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on STRO. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 price objective on shares of Sutro Biopharma in a report on Monday, September 16th. HC Wainwright reissued a “buy” rating and set a $12.00 target price on shares of Sutro Biopharma in a research note on Monday, September 16th. Finally, Truist Financial cut their target price on shares of Sutro Biopharma from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, Sutro Biopharma has an average rating of “Buy” and an average target price of $12.13.

Sutro Biopharma Trading Down 1.7 %

STRO opened at $3.55 on Tuesday. The firm has a market capitalization of $290.37 million, a PE ratio of -1.89 and a beta of 1.17. Sutro Biopharma, Inc. has a twelve month low of $2.01 and a twelve month high of $6.13. The firm’s 50-day moving average price is $3.97 and its 200 day moving average price is $3.94.

Sutro Biopharma (NASDAQ:STRO) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.59) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.20. The firm had revenue of $25.71 million for the quarter, compared to analyst estimates of $26.28 million. Sutro Biopharma had a negative net margin of 73.48% and a negative return on equity of 102.06%. As a group, analysts predict 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.