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

Sutro Biopharma Inc (NASDAQ:STRO) was the recipient of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 250,800 shares, a growth of 19.7% from the June 15th total of 209,600 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 40,100 shares, the short-interest ratio is presently 6.3 days.

A number of large investors have recently modified their holdings of the stock. American International Group Inc. bought a new position in Sutro Biopharma in the 4th quarter valued at approximately $38,000. Jennison Associates LLC lifted its stake in Sutro Biopharma by 3.6% in the 1st quarter. Jennison Associates LLC now owns 137,788 shares of the company’s stock valued at $1,569,000 after purchasing an additional 4,741 shares during the last quarter. SG Americas Securities LLC lifted its stake in Sutro Biopharma by 40.6% in the 1st quarter. SG Americas Securities LLC now owns 26,380 shares of the company’s stock valued at $300,000 after purchasing an additional 7,619 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Sutro Biopharma by 240.7% in the 2nd quarter. Wells Fargo & Company MN now owns 11,484 shares of the company’s stock valued at $130,000 after purchasing an additional 8,113 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Sutro Biopharma by 1,365.7% in the 2nd quarter. Acadian Asset Management LLC now owns 9,058 shares of the company’s stock valued at $103,000 after purchasing an additional 8,440 shares during the last quarter. 49.12% of the stock is owned by institutional investors and hedge funds.

Shares of Sutro Biopharma stock opened at $9.67 on Tuesday. The stock’s 50 day moving average price is $11.25. Sutro Biopharma has a 1-year low of $8.50 and a 1-year high of $15.90. The company has a market cap of $234.99 million and a P/E ratio of -1.58.

Sutro Biopharma (NASDAQ:STRO) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.62) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.60) by ($0.02). The firm had revenue of $8.63 million for the quarter, compared to the consensus estimate of $8.92 million. On average, equities research analysts forecast that Sutro Biopharma will post -2.52 EPS for the current year.

A number of analysts have issued reports on STRO shares. HC Wainwright set a $18.00 price objective on shares of Sutro Biopharma and gave the company a “buy” rating in a report on Monday, June 24th. Deutsche Bank assumed coverage on shares of Sutro Biopharma in a report on Thursday, July 18th. They set a “buy” rating and a $22.00 price target for the company. Cowen reaffirmed a “buy” rating on shares of Sutro Biopharma in a report on Sunday, June 16th. Zacks Investment Research reaffirmed a “hold” rating on shares of Sutro Biopharma in a report on Saturday, June 29th. Finally, ValuEngine raised shares of Sutro Biopharma from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $22.60.

Sutro Biopharma Company Profile

Sutro Biopharma, Inc operates as clinical stage drug discovery, development, and manufacturing company. It focuses on creating protein therapeutics for cancer and autoimmune disorders through integrated cell-free protein synthesis platform, XpressCF. The company's product candidates include STRO-001, an antibody-drug conjugate (ADC) directed against the cancer target CD74 for multiple myeloma and non-Hodgkin lymphoma; and STRO-002, an ADC directed against folate receptor-alpha for patients with ovarian and endometrial cancers.

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