Oppenheimer analyst Jay Olson downgraded Sutro Biopharma (STRO) to Perform from Outperform after the company reported Q4 results and announced restructuring plans. The firm is “not too surprised” with the restructuring, considering Sutro has been seeking partners for luvelta for a while, and the firm thinks this is ultimately the right move. However, considering the lack of a clear near-term catalyst and luvelta partnering uncertainty, Oppenheimer is moving to the sidelines for now. The firm added that it removed its $10 price target
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