Sierra Oncology (NASDAQ:SRRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $1.50 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 6.38% from the stock’s previous close.
According to Zacks, “Sierra Oncology, Inc. is a clinical-stage drug development company. It develops and markets drugs for the treatment of cancer. The product pipeline consists of SRA737 and SRA141. SRA737 is an orally bioavailable small molecule inhibitor of Checkpoint kinase 1, a key cell cycle checkpoint and central regulator of the DNA Damage Response network. SRA141 is an orally available small molecule inhibitor of cell division cycle 7kinase. Sierra Oncology, Inc., formerly known as ProNAi Therapeutics, Inc., is headquatered in Vancouver, Canada. “
Separately, Wedbush restated an “outperform” rating on shares of Sierra Oncology in a research note on Thursday, February 28th.
Sierra Oncology (NASDAQ:SRRA) last posted its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. On average, equities analysts forecast that Sierra Oncology will post -0.9 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its stake in shares of Sierra Oncology by 19.5% in the 1st quarter. Acadian Asset Management LLC now owns 486,493 shares of the biotechnology company’s stock valued at $831,000 after purchasing an additional 79,388 shares in the last quarter. Brookstone Capital Management bought a new position in Sierra Oncology in the 1st quarter valued at approximately $28,000. Virtu Financial LLC bought a new position in Sierra Oncology in the 1st quarter valued at approximately $32,000. 683 Capital Management LLC raised its holdings in Sierra Oncology by 20.8% in the 4th quarter. 683 Capital Management LLC now owns 2,173,620 shares of the biotechnology company’s stock valued at $2,869,000 after buying an additional 373,620 shares during the last quarter. Finally, Broadfin Capital LLC raised its holdings in Sierra Oncology by 19.3% in the 4th quarter. Broadfin Capital LLC now owns 4,880,327 shares of the biotechnology company’s stock valued at $6,442,000 after buying an additional 789,983 shares during the last quarter. Institutional investors own 64.93% of the company’s stock.
About Sierra Oncology
Sierra Oncology, Inc, a clinical stage drug development company, is advancing targeted therapeutics for the treatment of patients with unmet medical needs in hematology and oncology. Its lead drug candidate, momelotinib, is a selective and orally-bioavailable JAK1, JAK2, and ACVR1 inhibitor that has been investigated in two completed Phase 3 trials for the treatment of myelofibrosis and has demonstrated a differentiated therapeutic profile encompassing anemia-related benefits, as well as achieving substantive splenic volume reduction and constitutional symptom control.
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