STRO - Refreshed, Refocused - Next-Gen ADC Platform Meets High-Value Biology; Assume Coverage at $50 PT

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STRO - Refreshed, Refocused - Next-Gen ADC Platform Meets High-Value Biology; Assume Coverage at $50 PT

Truist Securities

Equity Research Report June 11, 2026

HEALTHCARE: Biotech Sutro Biopharma, Inc. (STRO)

STRO - Refreshed, Refocused - Next-Gen ADC Platform Meets Supawat Thongthip, Ph.D.

212-401-4429 High-Value Biology; Assume Coverage at $50 PT

Supawat.Thongthip@truist.com

Gregory Renza, M.D. We assume coverage at Buy (unchanged) and reinstate a PT at $50. We view STRO's

212-419-4617 refreshed ADC platform as increasingly compelling with multiple opportunities to generate

Gregory.Renza@truist.com proof-of-concept over the next 12-24 months. STRO-004 (TF ADC) represents the primary

driver of our thesis, combining a validated ADC target with the potential for improved efficacy/

Anish Nikhanj, Ph.D. tolerability that could broaden utility across solid tumors. We view the mid-2026 update as

212-326-3106 the first key value-inflection point. We also highlight STRO-006 (ITGB6 ADC), STRO-227

Anish.Nikhanj@truist.com (PTK7 dpADC), and the Astellas collaboration as additional upside drivers that reinforce our

view of STRO as an emerging next-gen ADC innovator.

Stock Rating BUY STRO-004 (TF ADC) - Lead value driver. STRO-004 is, in our view, a deliberate and

Unchanged credible lead asset, as tissue factor (TF) is a clinically validated target by Tivdak but with

clear room for improvement across both efficacy and safety. We note that STRO-004 is

Price Target $50.00 specifically engineered to address Tivdak's limitations: (1) epitope specificity - minimizing

Reinstated interaction with the coagulation cascade (e.g., FVIIa) to reduce bleeding risk; and (2) next-

gen payload and linker - exatecan with a DAR of 8 and a stable β-glucuronidase linker,