Sutro Biopharma price target lowered to $18 from $25 at Truist

Truist lowered the firm’s price target on Sutro Biopharma to $18 from $25 but keeps a Buy rating on the shares. The company’s update to Luvelta+Bev combo, its first data for Luvelta in lung cancer, and the disclosure from Part 1 of the ReFRalphaME study in ovarian cancer are among the potential events that could be an inflection point to shares or draw deal interest, the analyst tells investors in a research note.