Sutro Biopharma downgraded to Neutral from Outperform at Wedbush

Wedbush downgraded Sutro Biopharma (STRO) to Neutral from Outperform with a price target of $2, down from $8. The company announced a reprioritization of its portfolio, which includes the de-prioritization of luvelta, the analyst tells investors in a research note. While Wedbush believes Sutro’s XpressCF platform is de-risked, in the absence of meaningful catalysts that can move shares in the near-term, it is moving to the sidelines.