Sutro Biopharma price target lowered to $17 from $20 at JMP Securities

JMP Securities analyst Reni Benjamin lowered the firm’s price target on Sutro Biopharma to $17 from $20 and keeps an Outperform rating on the shares. Sutro recently reported Q4 financial results and provided an update on the key assets in the pipeline, and with STRO-002 initiating a registrational study in 2Q23, STRO-003, a ROR1-targeting ADC to enter the clinic in 2024, multiple marquee partners progressing candidates through development, and a solid cash position of $302.2M, JMP Securities is a buyer of the stock, the analyst tells investors in a research note.