Sierra Oncology (SRRA) Upgraded to Buy by Zacks Investment Research

Sierra Oncology (NASDAQ:SRRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage currently has a $1.50 target price on the biotechnology company’s stock. Zacks Investment Research‘s target price would indicate a potential downside of 0.66% from the company’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 reaffirmed an “outperform” rating on shares of Sierra Oncology in a report on Thursday, February 28th.

Shares of NASDAQ:SRRA traded up $0.13 on Wednesday, hitting $1.51. The company’s stock had a trading volume of 1,600 shares, compared to its average volume of 279,745. Sierra Oncology has a 1 year low of $1.05 and a 1 year high of $3.70. The stock has a market cap of $102.77 million, a P/E ratio of -2.01 and a beta of 1.78. The company has a quick ratio of 10.77, a current ratio of 10.77 and a debt-to-equity ratio of 0.05.

Sierra Oncology (NASDAQ:SRRA) last released its quarterly earnings results on Thursday, February 28th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. On average, equities research analysts expect that Sierra Oncology will post -0.9 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hikari Power Ltd purchased a new position in shares of Sierra Oncology during the 4th quarter valued at about $330,000. Renaissance Technologies LLC raised its holdings in shares of Sierra Oncology by 27.5% during the 3rd quarter. Renaissance Technologies LLC now owns 2,252,244 shares of the biotechnology company’s stock valued at $3,829,000 after buying an additional 485,344 shares in the last quarter. Morgan Stanley raised its holdings in shares of Sierra Oncology by 11.3% during the 3rd quarter. Morgan Stanley now owns 992,516 shares of the biotechnology company’s stock valued at $1,687,000 after buying an additional 100,709 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Sierra Oncology by 5.4% during the 4th quarter. Acadian Asset Management LLC now owns 407,105 shares of the biotechnology company’s stock valued at $538,000 after buying an additional 20,754 shares in the last quarter. Finally, 683 Capital Management LLC raised its holdings in shares of Sierra Oncology by 20.8% during 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 in the last quarter. 65.16% of the stock is currently owned by institutional investors.

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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