UPDATE: Jefferies Starts Sutro Biopharma (STRO) at Buy
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Jefferies analyst Roger Song initiates coverage on Sutro Biopharma (NASDAQ: STRO) with a Buy rating and a price target of $21.00.
The analyst comments "Co has built an advantageous/scalable cell-free protein synthesis platform, XpressCF, and experienced mgmt team has 'cracked the nut' for ADC manufacturing, yielding strong lead assets and LT platform value. '002 could become key Tx in ovarian cancer w/ +ve data in coming months (NT catalyst, ~20-30% upside), and similarly for '001 in liquid tumors. We see sig upside on fundamentals, and under-valued vs. close comps. Thus, we initiate at BUY w/ YE21 PT of $21."
Shares of Sutro Biopharma closed at $10.10 yesterday.
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