Sutro Biopharma price target lowered to $4 from $5 at Wells Fargo

Wells Fargo lowered the firm’s price target on Sutro Biopharma (STRO) to $4 from $5 and keeps an Equal Weight rating on the shares. The firm thinks the clarity on the go forward dose for part 2 of Luvelta’s pivotal trial is a positive, though the stock is likely down given the mid-2027 timing for a BLA filing in PROC is a push relative to consensus.