Sutro Biopharma tumbles after missing estimates
BUZZ-Sutro Biopharma tumbles after missing estimates ** Shares of oncology drug developer Sutro Biopharma STRO.O down about 25% to over five-month low on Wednesday morning
** Q2 revenue was $9.8 million, short of the $13.1 million estimate, per LSEG
** Loss in qtr was $38.5 million, vs $33.8 million analyst estimate
** Sutro expects to start Phase 1 trial for STRO-006 in Q3 2026
** Co expects cash position to support operations into at least Q2 2028
** Major shareholders include activist funds BVF Partners, Perceptive Advisors and OrbiMed Advisors, per LSEG
** The current average rating on the shares among 14 analysts is "buy" and median PT is $50
** Shares down $6.08 to $18.96 at midmorning on Wednesday; stock has lost half its value since May but is up more than 60% YTD
(Reporting by Colin Barr in New York)
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Sutro Biopharma tumbles after missing estimates