Why Did Sutro Biopharma Shares Drop 17% Yesterday?
<p><a href='https://financialmodelingprep.com/financial-summary/STRO'>Sutro Biopharma, Inc. (NASDAQ:STRO) </a>shares dropped more than 17% yesterday, which is probably a result of a data presentation from ImmunoGen, Inc. (NASDAQ:IMGN), shares of which fell more than 18% yesterday.</p>
<p>Investors were disappointed at the PFS data from the competitor ADC mirvetuximab soravtansine (mirv) and believed this would read negatively for STRO-002. Analysts at Berenberg Bank provided their views on this, stating they disagree with the majority of investors,  as they see minimal read-through to the disease biology, and believe IMGN’s data set a low bar for STRO-002, which will likely have better durability. </p>
<p>According to the analysts, the next step for Sutro Biopharma is to discuss drug safety, a biomarker enrichment method, and a pivotal trial design with the FDA. Management indicated it is putting together a briefing document to discuss with the agency and they believe the data should warrant the Breakthrough therapy designation (BTD). The analysts expect the regulatory outcome in mid-2022 and data from the expansion cohort in the second half of the year.</p>

NASDAQ:STRO