Sutro Biopharma: Sigvotatug Vedotin Trial Miss Not Impactful to Our STRO Thesis

研报英文原文证据摘录

Sutro Biopharma: Sigvotatug Vedotin Trial Miss Not Impactful to Our STRO Thesis

Equity Research

U.S. Small & Mid Cap Biotechnology

22 June 2026

Sutro Biopharma

Sigvotatug Vedotin Trial Miss Not

Impactful to Our STRO Thesis

STRO-006 is not currently reflected in the stock, in our view, STRO OVERWEIGHT

POSITIVEand molecular differences and nuance from press release U.S.BiotechnologySmall & Mid Cap

hold potential for success. Price Target USD 56.00

Price (22-Jun-26) USD 31.55

Potential Upside/Downside +77.5%

PFE (covered by Emily Field ) announced topline data from the Phase 3 trial evaluating the Source: Bloomberg, Barclays Research

integrin beta-6 (IB6) ADC sigvotatug vedotin (SV) versus docetaxel in patients with previously

treated (2L+) non-squamous NSCLC. The trial failed to meet its primary endpoint of overall

U.S. Small & Mid Cap Biotechnologysurvival; however the press release noted that the data suggests a potentially clinically

Lukas Shumway, PhD

meaningful improvement in OS in patients that had received only one prior line of therapy (2L).

+1 212 526 7293

PFE indicated that these results support continued evaluation in earlier line settings and in lukas.shumway@barclays.com

combination with immunotherapy; so there is still potential for clinical success. At this time, we BCI, US

need to see the data to draw conclusions on how the trial could read through to STRO-006.

Etzer Darout, PhD, MBA

STRO's IB6 ADC. STRO-006 is not yet in the clinic and therefore not reflected in STRO shares, in

+1 212 526 6940

our view. We do not expect meaningful read-through. etzer.darout@barclays.com

BCI, US

STRO-006 employs a more potent payload than SV, potentially optimized targeting

antibody

STRO plans to submit an IND for STRO-006 this year to begin evaluation in solid tumors.