Sorrento Therapeutics (SRNE) Gets a Buy Rating from Oppenheimer

By Jason Carr

In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE), with a price target of $10. The company’s shares closed yesterday at $5.45.

Breidenbach observed:

“Thursday, Sorrento reported 2Q results and we discussed recent progress with management. While maintaining a low profile in recent months, Sorrento is making progress in several key programs. Enrollment is under way in multiple trials, including a Phase 1 trial of resiniferatoxin (RTX) for intractable cancer pain and another Phase 1 study of the company’s anti-CD38 CAR-T for multiple myeloma (MM). Additionally, we believe initiation of a trial of RTX in osteoarthritis (OA) remains on schedule. Early data from these trials are expected to materialize in 2H18/1H19. Cash remains an overhang which management aims to address with minimally-dilutive financings, partnerships, and revenues from commercial launch of ZTlido in 4Q. A Hong Kong IPO for Sorrento’s subsidiary TNK is possible in 1H19. $10 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 9.7% and a 41.9% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.

Sorrento Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $21.42.

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The company has a one-year high of $10.65 and a one-year low of $1.50. Currently, Sorrento Therapeutics has an average volume of 1.91M.

Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SRNE in relation to earlier this year. Last month, Henry Ji, the President of SRNE bought 6,000 shares for a total of $10,500.

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Sorrento Therapeutics, Inc. engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates. The company was founded by Henry H. Ji in 2006 and is headquartered in San Diego, CA.