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Sutro Biopharma price target raised to $25 from $21 at Truist
The Fly

Sutro Biopharma price target raised to $25 from $21 at Truist

Truist analyst Asthika Goonewardene raised the firm’s price target on Sutro Biopharma to $25 from $21 and keeps a Buy rating on the shares. The company’s Luvleta’s Phase 1 data delivered on multiple fronts, including target population, overall response rate, and progression free survival, the analyst tells investors in a research note. If replicated in a pivotal trial, the drug will be approvable, Goonewardene states, adding that the pivotal data also has the potential to improve. TheFly notes that earlier this week, the company announced results from a Phase 1 dose-expansion study of STRO-002, or luvelta, a novel Folate receptor alpha-targeting ADC and interim safety data from exploratory cohort C, a cohort of 15 patients with advanced ovarian cancer treated at the higher dose of luvelta, along with prophylactic pegfilgrastim. Results demonstrated that luvelta provided substantial clinical benefit in FolRalpha-selected patients, defined by Tumor Proportion Score of greater than25%, with a 37.5% overall response rate, median duration of response of 5.5 months, and median progression free survival of 6.1 months, regardless of starting dose. Results also demonstrated the higher starting dose of 5.2 mg/kg providing greater patient benefit compared to the lower dose of 4.3mg/kg. FolRalpha-selected patients account for approximately 80% of the patient population in advanced ovarian cancer, as represented in the patient stratification in the Phase 1 study.

Published first on TheFly

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