UPDATE: Sutro Biopharma (STRO) PT Raised to $35 at Stifel After Dose Escalation in STRO-002
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Stifel analyst Konstantinos Aprilakis raised the price target on Sutro Biopharma (NASDAQ: STRO) to $35.00 (from $30.00) after the company provided a corporate update and outlined key 2021 milestones at a recent healthcare conference.
The analyst reiterated a Buy rating, stating "notably, STRO-002 updated dose escalation data were guided for 1H21 and initial dose-expansion data are expected in 2H21; an EOP1/2 FDA meeting is scheduled for 2H21, where we expect the FDA to OK a single-arm registrational study (whether STRO will be able to communicate the results of that meeting before YE21 is uncertain). We also highlight mgmt's guidance/enthusiasm around updates concerning ongoing collaborations, especially for the MRK partnership on cytokine derivatives; in March 2020, STRO announced this partnership was extended by 1 year and that a “promising immunemodulating cytokine derivative” is advancing toward IND-enabling studies. We reevaluated our assumptions for median duration of STRO-002 therapy given its emerging best-in-class data and ahead of updates later this year; these new estimates yield a TP increase"
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Related EntitiesStifel, FDA
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