Citizens upgraded Sutro Biopharma (STRO) to Outperform from Market Perform with a $23 price target The firm cites its platform and cash per share value analysis for the upgrade following a meeting with management. When factoring in the recent clinical reset and “rapid return” to the clinic, headcount reductions to preserve cash, and the potential for STRO-004 to highlight “best-in-class attributes” of the cell-free protein synthesis platform incorporating non-natural amino acids, Sutro shares are likely to outperform in the near term, the analyst tells investors in a research note.
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