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

Sutro Biopharma, Inc. (NASDAQ:STRO) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 2,460,000 shares, an increase of 19.4% from the November 30th total of 2,060,000 shares. Based on an average daily volume of 900,500 shares, the days-to-cover ratio is presently 2.7 days.

Hedge Funds Weigh In On Sutro Biopharma

A number of hedge funds have recently modified their holdings of STRO. Gladius Capital Management LP bought a new position in Sutro Biopharma during the 3rd quarter worth $28,000. ProShare Advisors LLC raised its holdings in Sutro Biopharma by 49.1% during the 2nd quarter. ProShare Advisors LLC now owns 16,316 shares of the company’s stock worth $48,000 after purchasing an additional 5,373 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Sutro Biopharma in the 3rd quarter worth approximately $77,000. Intech Investment Management LLC acquired a new stake in shares of Sutro Biopharma during the third quarter worth $91,000. Finally, The Manufacturers Life Insurance Company raised its stake in Sutro Biopharma by 27.4% during the second quarter. The Manufacturers Life Insurance Company now owns 32,943 shares of the company’s stock worth $97,000 after buying an additional 7,082 shares during the last quarter. Institutional investors and hedge funds own 96.99% of the company’s stock.

Sutro Biopharma Trading Down 2.1 %

Shares of STRO stock opened at $1.85 on Tuesday. The firm has a market capitalization of $152.55 million, a price-to-earnings ratio of -1.15 and a beta of 1.09. The business’s 50-day moving average price is $2.88 and its 200-day moving average price is $3.45. Sutro Biopharma has a 12 month low of $1.70 and a 12 month high of $6.13.

Analysts Set New Price Targets

Several brokerages recently issued reports on STRO. HC Wainwright reiterated a “buy” rating and issued a $12.00 price objective on shares of Sutro Biopharma in a research report on Monday, November 18th. JMP Securities reaffirmed a “market outperform” rating and set a $17.00 price target on shares of Sutro Biopharma in a research report on Wednesday, December 11th. Piper Sandler restated an “overweight” rating and issued a $11.00 price objective on shares of Sutro Biopharma in a report on Friday, October 11th. Wells Fargo & Company decreased their target price on shares of Sutro Biopharma from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, Wedbush reissued an “outperform” rating and set a $8.00 price target on shares of Sutro Biopharma in a research report on Tuesday, December 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Sutro Biopharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.13.

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.