Piper Sandler lowered the firm’s price target on Sutro Biopharma to $12 from $18 and keeps an Overweight rating on the shares. The firm notes Sutro ended Q3 with cash of $355.2M to fund operations into the first half of 2025. At ESMO, Sutro presented Phase I data on luvelta in endometrial cancer showing 3 PRs and 8/16 stable disease for a DCR of 69%, Piper adds.
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