Oppenheimer Starts Sierra Oncology Inc (SRRA) at Outperform
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Oppenheimer analyst Jay Olson initiates coverage on Sierra Oncology Inc (NASDAQ: SRRA) with a Outperform rating and a price target of $1.20.
The analyst comments "We initiate coverage of SRRA with an Outperform rating and $1.20 price target based on what we view as significant commercial potential for the company’s main asset, momelotinib, and our evaluation of its Ph3 registrational clinical trial for myelofibrosis (MF) patients previously treated with a JAK inhibitor. We believe current MF patients who are primarily administered ruxolitinib in 1L often eventually discontinue treatment due to several factors including disease progression and myelosuppression, and new 2L options will be welcomed to address MF symptoms. We view momelotinib as well positioned to secure 2L treatment, given its unique pharmacological properties, prior Ph3 clinical trials and the published literature. Details and analysis inside."
Shares of Sierra Oncology Inc closed at $0.42 yesterday.
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