Sutro Biopharma price target lowered to $15 from $18 at Truist

Truist lowered the firm’s price target on Sutro Biopharma to $15 from $18 but keeps a Buy rating on the shares. The firm has updated its model to reflect the company’s Q2 results and more conservative assumptions, the analyst tells investors in a research note. Truist adds however that in the next 12 months, three potential events could bring an inflection point to shares and/or draw deal interest – Sutro’s update to Luvelta+Bev combo at the ESMO conference, first data for Luvelta in lung cancer, and the potential disclosure from Part 1 of the ReFRalphaME study in ovarian cancer.