Sutro Biopharma Q3 revenue misses estimates on Astellas collaboration  

Overview

• US oncology biotech's Q3 revenue declined and missed analyst expectations

• Company posted a net loss for Q3 2026

• Q3 operating expenses fell compared to prior year

Outlook

• Company expects next STRO-004 clinical update and expansion cohorts in first half of 2027

• Company anticipates initial STRO-006 Phase 1 data update in second half of 2027

• Sutro expects cash runway to support operations into first half of 2028

Result Drivers

• COLLABORATION REVENUE - Q3 revenue was principally from the Astellas collaboration, including a milestone payment for patient dosing in a partnered program

• LOWER OPERATING EXPENSES - Total R&D and G&A expenses fell compared to prior year, contributing to a narrower operating loss

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Sutro Biopharma Inc is $50.00, about 387.3% above its November 11 closing price of $10.26

Reuters Recommended Reads

• Nov 12 - Rocket Pharmaceuticals Q3 net loss narrows as R&D costs fall

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• Nov 10 - Cellectar Biosciences Q3 net loss widens on higher R&D costs

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)