Sutro Biopharma upgraded to Buy from Neutral at H.C. Wainwright

H.C. Wainwright upgraded Sutro Biopharma (STRO) to Buy from Neutral with a price target of $28, up from $10. The firm has increased conviction that STRO-004 “will deliver on promises of improved clinical benefit, potency, and tumor selectivity.” Sutro’s precision engineered antibody-drug conjugates platform is on track to deliver meaningfully higher drug exposures with improved tolerability, the analyst tells investors in a research note. Wells Fargo also upgraded Sutro Biopharma this morning.