Sierra Oncology Inc (SRRA) PT Raised to $48 at Oppenheimer, Following Reverse SPlit

Oppenheimer analyst Jay Olson raised the price target on Sierra Oncology Inc (NASDAQ: SRRA) to $48.00 (from $1.20) while maintaining a Outperform rating.

Analyst comments: "We are encouraged by the favorable setup resulting from SRRA's reverse split of its common stock at a ratio of 1-for-40. While the reverse split was expected as to comply with NASDAQ listing requirements, we think current trading levels (above $12) may attract additional investors who would have previously been reluctant or restricted from investing in a stock trading below $1. We update our model with the reduced share count and adjust our PT to $48 while maintaining the same Outperform rating."

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