Sutro Biopharma (STRO) PT Lowered to $18 at Truist Securities

Truist Securities analyst Asthika Goonewardene lowered the price target on Sutro Biopharma (NASDAQ: STRO) to $18.00 (from $25.00) while maintaining a Buy rating.

The analyst comments "In the next 12 months, we see 3 potential events that could be an inflection point to shares and/or draw deal interest, and urge investors to Buy: (1) update to Luvelta+Bev combo; (2) first data for Luvelta in lung cancer, and (3) disclosure from Part 1 of the ReFRαME study in ovarian cancer. We are combining an earnings update, a more conservative (but still prudent) timelines/assumptions reassessment, and new deal accounting into one model refresh. Our new PT for STRO is $18, down from a more exuberent $25, but we are still Street high and remain optimistic on the name."

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