Sutro Biopharma price target lowered to 80c from $1 at BofA

BofA lowered the firm’s price target on Sutro Biopharma (STRO) to 80c from $1 and keeps an Underperform rating on the shares. The firm rolled the quarter, updated for Q1 results, adjusted revenue to remain flat quarter-over-quarter, and tweaked operating expense estimates in line with recent trend, the analyst noted. While stating that the Sutro platform is “innovative,” BofA remains cautious and looks for clinical derisking to validate the translation into meaningful clinical benefit, noting that it currently does not assign standalone program value for any pipeline program.