Piper Sandler lowered the firm’s price target on Sutro Biopharma to $11 from $12 to account for dilution from financing, while keeping an Overweight rating on the shares. Sutro partnered preclinical ROR1 ADC STRO-003 with Ipsen for $50M upfront, $25M equity investment, over $800M in milestones plus low-double digit to mid-teens royalties. With the Ipsen upfront and equity investment, the firm estimates Sutro has pro forma cash of about $526M.
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