Insiders Buy into Pivotal Phase 3 Data in Small Cap Rare Cancer Biotech
Sierra Oncology (SRRA) an interesting name seeing insider buying into multi-month highs as a Director bought 13,500 shares at $23.03 for $310,863 on 11/24. This follows a buy of 5000 shares at $17.83 by the CEO in May. SRRA is clinical stage and has a $340M market cap trading 3.5X Cash. SRRA is targeting therapies for rare forms of cancer with its main focus being the development of momelotinib, an investigational agent for the treatment of myelofibrosis which is in Phase 3. It is estimated that 18,000 patients are living with myelofibrosis in the United States, and there are up to 40,000 patients globally. Momelotinib is a potent, selective, small-molecule inhibitor of JAK1, JAK2 and ACVR1, under development for treatment of patients with myelofibrosis. SRRA sees a $3B addressable market in anemic MF patients in the US. SRRA topline data is expected in February 2022. Cantor Fitzgerald started shares Overweight in September with a $33 target seeing its lead asset eventually capturing a meaningful segment of the MF market.