We are investigating Sutro Biopharma, Inc. (STRO) (“Sutro” or the “Company”) for potential violations of the federal securities laws.
In September 2018, Sutro conducted its initial public offering, selling 5,667,000 shares of common stock priced at $15.00 per share. On May 11, 2020, post-market, Sutro issued a press release reporting its financial and operating results for the first quarter of 2020. For the quarter, Sutro reported a net loss per share of $0.84 on revenues of $7.15 million, both of which metrics fell significantly short of consensus estimates. On this news, Sutro’s stock price fell sharply during intraday trading on May 12, 2020.