Sierra Oncology, Inc. (NASDAQ:SRRA) Short Interest Up 21.5% in March

Sierra Oncology, Inc. (NASDAQ:SRRAGet Rating) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 1,470,000 shares, an increase of 21.5% from the March 15th total of 1,210,000 shares. Based on an average trading volume of 1,210,000 shares, the days-to-cover ratio is currently 1.2 days. Currently, 15.5% of the company’s shares are short sold.

SRRA has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Sierra Oncology from a “sell” rating to a “hold” rating in a research report on Saturday, January 22nd. Jefferies Financial Group downgraded shares of Sierra Oncology from a “buy” rating to a “hold” rating and increased their target price for the stock from $39.00 to $55.00 in a research report on Thursday, April 14th. HC Wainwright downgraded shares of Sierra Oncology from a “buy” rating to a “neutral” rating and increased their target price for the stock from $51.00 to $55.00 in a research report on Wednesday, April 13th. Lifesci Capital downgraded shares of Sierra Oncology from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 13th. Finally, Oppenheimer downgraded shares of Sierra Oncology from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $45.00 to $55.00 in a research report on Thursday, April 14th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.00.

Shares of SRRA traded down $0.07 during mid-day trading on Tuesday, hitting $54.61. 21,000 shares of the company’s stock were exchanged, compared to its average volume of 1,294,646. The firm has a fifty day moving average of $34.89 and a two-hundred day moving average of $26.88. Sierra Oncology has a twelve month low of $14.91 and a twelve month high of $54.97. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -7.65 and a beta of 0.57.

Sierra Oncology (NASDAQ:SRRAGet Rating) last announced its quarterly earnings results on Thursday, March 10th. The biotechnology company reported ($1.67) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.60) by ($0.07). As a group, equities research analysts forecast that Sierra Oncology will post -4.93 EPS for the current year.

In other news, Director Gaurav Aggarwal purchased 800,000 shares of Sierra Oncology stock in a transaction that occurred on Monday, January 31st. The stock was acquired at an average price of $27.00 per share, for a total transaction of $21,600,000.00. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Mary Christina Thomson sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 26th. The shares were sold at an average price of $29.00, for a total transaction of $58,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 1,125,000 shares of company stock valued at $30,375,000 and sold 24,553 shares valued at $777,967. 44.10% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Ghost Tree Capital LLC grew its stake in Sierra Oncology by 25.0% in the 4th quarter. Ghost Tree Capital LLC now owns 250,000 shares of the biotechnology company’s stock valued at $5,435,000 after buying an additional 50,000 shares during the last quarter. Sofinnova Investments Inc. grew its stake in Sierra Oncology by 2.8% in the 4th quarter. Sofinnova Investments Inc. now owns 212,281 shares of the biotechnology company’s stock valued at $4,615,000 after buying an additional 5,717 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Sierra Oncology by 7.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,230,468 shares of the biotechnology company’s stock valued at $26,750,000 after buying an additional 87,438 shares during the last quarter. 683 Capital Management LLC acquired a new position in Sierra Oncology in the 4th quarter valued at $388,000. Finally, Deep Track Capital LP acquired a new position in Sierra Oncology in the 4th quarter valued at $13,209,000.

About Sierra Oncology (Get Rating)

Sierra Oncology, Inc, a late-stage biopharmaceutical company, engages in researching, developing, and commercializing therapies for the treatment of patients with hematology and oncology needs. Its lead drug candidate, momelotinib, is a selective and orally bioavailable Janus kinase 1 (JAK 1), JAK2, and Activin A receptor type 1 (ACVR1) inhibitor.

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