Oppenheimer Initiates Coverage on Sierra Oncology (NASDAQ:SRRA)

Oppenheimer initiated coverage on shares of Sierra Oncology (NASDAQ:SRRA) in a research report report published on Thursday morning, BenzingaRatingsTable reports. The firm issued an outperform rating and a $1.20 target price on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on the company. ValuEngine cut Sierra Oncology from a buy rating to a hold rating in a research note on Friday, November 1st. Zacks Investment Research upgraded shares of Sierra Oncology from a hold rating to a buy rating and set a $0.25 price target for the company in a research note on Saturday, November 9th.

NASDAQ:SRRA opened at $0.49 on Thursday. The stock has a market cap of $28.61 million, a price-to-earnings ratio of -0.65 and a beta of 1.30. The company has a quick ratio of 7.69, a current ratio of 7.69 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average price is $0.31 and its 200-day moving average price is $0.51. Sierra Oncology has a 52 week low of $0.22 and a 52 week high of $2.01.

Sierra Oncology (NASDAQ:SRRA) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts anticipate that Sierra Oncology will post -0.76 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Sierra Oncology by 981.2% during the second quarter. JPMorgan Chase & Co. now owns 43,703 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 39,661 shares during the last quarter. Hikari Power Ltd grew its holdings in Sierra Oncology by 98.4% during the third quarter. Hikari Power Ltd now owns 500,138 shares of the biotechnology company’s stock valued at $195,000 after purchasing an additional 248,038 shares during the period. Acadian Asset Management LLC raised its stake in shares of Sierra Oncology by 84.8% in the second quarter. Acadian Asset Management LLC now owns 899,221 shares of the biotechnology company’s stock worth $504,000 after buying an additional 412,728 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Sierra Oncology by 22.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,312,634 shares of the biotechnology company’s stock valued at $1,295,000 after acquiring an additional 417,300 shares during the period. 48.67% of the stock is currently owned by hedge funds and other institutional investors.

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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