Sutro transferred with Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Derek Archila downgraded Sutro Biopharma (STRO) to Equal Weight from Overweight with a price target of $8, down from $15, after taking over coverage of the name. The firm says that while STRO-002 "is no doubt active," it is less optimistic about its differentiation relative to ImmunoGen’s (IMGN) mirvetuximab. The unknown timing of "de-risking data" is putting Wells on the sidelines.