Grab a Tissue (Factor ADC); Upgrade to OUTPERFORM

研报英文原文证据摘录

Grab a Tissue (Factor ADC); Upgrade to OUTPERFORM

Company Report

May 15, 2026 Sutro Biopharma (STRO)

Rating: Grab a Tissue (Factor ADC); Upgrade to OUTPERFORMOUTPERFORM (from NEUTRAL)

Price:

$38.42 The Wedbush View

12-Month Price Target:

$60.00 (from $22.00) STRO reported 1Q26 earnings and reiterated key clinical timelines. The company

continues to advance lead program STRO-004 (tissue factor ADC) rapidly through

Analysts Ph 1 dose escalation, with initial clinical data, including safety, pharmacokinetic

David Nierengarten, Ph.D. and early activity results expected in mid-2026. We believe the upcoming readout

(415) 274-6862 represents a meaningful inflection point both for STRO-004 and for broader

David.Nierengarten@wedbush.com validation of Sutro’s ADC platform, particularly following encouraging AACR 2026

Dennis Pak preclinical data demonstrating broad and consistent antitumor activity across

(415) 263-6647 TF-expressing solid tumor PDX models, improved efficacy relative to benchmarkDennis.Pak@wedbush.com

TF-directed ADCs at clinically relevant doses, and a favorable NHP tolerabilityMartin Fan, Ph.D.

(213) 688-3404 profile with reduced ocular and hematologic findings, including dosing up to

Martin.Fan@wedbush.com 50 mg/kg (see note). Beyond STRO-004, STRO continues to advance its broader

pipeline of next-generation ADCs. IND submissions remain on track for both

STRO-006 (integrin β6 ADC) and STRO-227, the company’s novel dual-payload

Company Information PTK7-targeted ADC combining MMAE and a Topo1 payload. At AACR, bothMarket Cap (M) $637

Enterprise Value (M) $434 STRO-006 and STRO-227 demonstrated encouraging antitumor activity across

Shares Outst (M) 16.6 solid tumor models, further supporting the potential breadth of the platform. In