What's Going On With Sutro Biopharma (STRO) Stock?

Author: Henry Khederian | April 02, 2024 12:46pm

Sutro Biopharma Inc (NASDAQ:STRO) shares are trading lower by 2.8% to $5.18 during Tuesday’s session after the company announced the pricing of an underwritten offering of 14,478,764 shares of its common stock at $5.18 per share, aiming to raise approximately $75 million. The offering, expected to close around April 4, involves all shares being offered by Sutro and is led by both new and existing healthcare-focused institutional investors.

The company plans to utilize the net proceeds, combined with its existing resources, for various purposes including research, clinical and process development, manufacturing, working capital, commercialization infrastructure and potential acquisitions or investments. BofA Securities is serving as the sole book-running manager for the offering.

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Is STRO A Good Stock To Buy?

Wall Street analysts view Sutro Biopharma on the whole as a Outperform, given the history of coverage over the past three months. David Nierengarten from Wedbush in Sutro Biopharma is the most bearish, expecting a 33.33% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Sutro Biopharma rose 14.01%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 1217.44% over the past year.

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STRO has a 52-week high of $6.13 and a 52-week low of $2.00.

Posted In: STRO