SRRA - Why Sierra Oncology Stock Is On Fire Today
Shares of the clinical-stage biotech Sierra Oncology (NASDAQ: SRRA) jumped by as much as 90% in premarket trading Tuesday. Investors are piling into this small-cap biotech stock today in response to overwhelmingly positive late-stage trial results for the blood cancer drug candidate momelotinib.
Specifically, Sierra announced ahead of the opening bell Tuesday morning that momelotinib met all of its primary and secondary endpoints in a phase 3 trial as a treatment for myelofibrosis patients who are symptomatic and anemic and were previously treated with an approved JAK inhibitor. Sierra licensed momelotinib from Gilead Sciences in 2018 for a meager $3 million upfront payment.
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Why Sierra Oncology Stock Is On Fire Today