Sierra Oncology Inc (NASDAQ:SRRA) Short Interest Down 65.2% in July

Sierra Oncology Inc (NASDAQ:SRRA) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 4,700 shares, a drop of 65.2% from the June 30th total of 13,500 shares. Based on an average daily volume of 27,800 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the company’s shares are sold short.

Shares of NASDAQ:SRRA opened at $11.91 on Friday. The stock has a fifty day simple moving average of $12.84 and a two-hundred day simple moving average of $11.62. Sierra Oncology has a 12-month low of $8.55 and a 12-month high of $22.00.

Sierra Oncology (NASDAQ:SRRA) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($1.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.74) by $1.43. As a group, research analysts anticipate that Sierra Oncology will post -8.15 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in shares of Sierra Oncology by 31.3% during the fourth quarter. Renaissance Technologies LLC now owns 3,456,465 shares of the biotechnology company’s stock valued at $1,183,000 after buying an additional 824,701 shares during the period. Vivo Capital LLC bought a new position in Sierra Oncology in the first quarter worth approximately $18,826,000. Orbimed Advisors LLC bought a new stake in Sierra Oncology during the 1st quarter valued at $14,507,000. Abingworth LLP increased its holdings in shares of Sierra Oncology by 304.6% in the 1st quarter. Abingworth LLP now owns 876,541 shares of the biotechnology company’s stock valued at $8,590,000 after acquiring an additional 659,874 shares during the period. Finally, VR Adviser LLC purchased a new position in shares of Sierra Oncology in the 1st quarter valued at $4,822,000. Hedge funds and other institutional investors own 65.65% of the company’s stock.

Several analysts have issued reports on SRRA shares. HC Wainwright initiated coverage on shares of Sierra Oncology in a research report on Thursday. They set a “buy” rating and a $20.00 price target for the company. Oppenheimer restated a “buy” rating and set a $48.00 target price on shares of Sierra Oncology in a report on Sunday, June 14th. Finally, Zacks Investment Research lowered Sierra Oncology from a “buy” rating to a “hold” rating in a research report on Friday, July 10th.

Sierra Oncology Company Profile

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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