JMP Securities analyst Reni Benjamin has reiterated their bullish stance on STRO stock, giving a Buy rating today.
Reni Benjamin has given a Buy rating to Sutro Biopharma based on several factors. Key among these is the company’s solid financial performance and promising drug pipeline. For instance, in 3Q23, Sutro reported revenues that exceeded Benjamin’s estimates. The company also has a strong cash position which provides financial stability. In addition, Sutro has several promising drugs in development, including luvelta which is in a registration study, and STRO-003, which is preparing for an IND submission in 2024. The company’s multiple partnerships are also progressing candidates through development.
Furthermore, Benjamin sees a reduced risk of competition for Sutro. This is likely due to the unique nature of the company’s drug pipeline and the advancements it has made in its research and development efforts. The potential upside of investing in the company’s stock also contributed to the Buy rating. Based on Benjamin’s analysis, there’s a potential downside of around 58% (bear case is $1) and a potential upside of approximately 997% (bull case is $26), thus presenting an opportunity for substantial returns on investment. The promising data from the Phase 1 dose-expansion study of luvelta, especially in patients with high FolRα expression, also adds to the optimism around the company’s prospects.
According to TipRanks, Benjamin is an analyst with an average return of -15.9% and a 26.21% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics, Sana Biotechnology, and Cue Biopharma.
In another report released today, Piper Sandler also reiterated a Buy rating on the stock with a $12.00 price target.
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Sutro Biopharma (STRO) Company Description:
Sutro Biopharma Inc. engages in the drug discovery, development and manufacturing of pharmaceutical products. Its products technologies include XpressCF, anti-body drug conjugates, bispecifics & engineered antibodies and cGMP facility. The company was founded by James R. Swartz and Sutanto Widjaja in June 2003 and is headquartered in South San Francisco, CA.
Read More on STRO:
- Sutro Biopharma files $300M mixed securities shelf
- Sutro Biopharma Reports Third Quarter 2023 Financial Results, Business Highlights and Select Anticipated Milestones
- Sutro Biopharma initiated with a Buy at Deutsche Bank
- Sutro Biopharma Announces Presentation of Data for Luveltamab Tazevibulin (luvelta) from the Phase 1 Dose-Expansion Study in Endometrial Cancers at ESMO 2023
- Sutro Demonstrates Meaningful ADC Innovation with Five Presentations and One Poster at the 14th Annual World ADC Conference
