Citizens analyst Reni Benjamin reiterated a Market Outperform rating and $23.00 price target on Sutro Biopharma (NASDAQ: STRO).

The analyst commented, "We reiterate our Market Outperform rating and $23 price target for Sutro Biopharma based on a platform and cash/share value analysis. Yesterday, Sutro reported full-year 2025 financial results, reiterated key milestones, including reporting clinical data for the Phase 1 study of STRO-004 (Tissue Factor [TF] ADC), as well as plans to file an IND for STRO-006 (integrin beta-6 [ITGB-6] ADC) and STRO-227 (PTK7 dual payload ADC) in 2026. Additionally, we learned that partner Astellas has advanced two programs utilizing iADC dual payloads, triggering $17.5MM in milestone payments combined. Taking into account the rapid progress in the clinic, the potential for STRO-004 to report best-in-class efficacy and safety, a growing pipeline of clinical candidates across novel targets, and a solid cash position of $246.6MM (pro forma), we continue to believe that Sutro shares are undervalued at current levels."

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Shares of Sutro Biopharma closed at $21.33 yesterday.