H.C. Wainwright Keeps a Buy Rating on Sorrento Therapeutics

By Austin Angelo

In a report issued on June 11, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE), with a price target of $40. The company’s shares opened today at $7.30.

Selvaraju noted:

“We draw investors’ attention to the decision in late May by Johnson & Johnson (JNJ; not rated) to halt two trials of daratumumab (dara), an anti-CD38 monoclonal antibody, which was being tested in combination with checkpoint inhibitors (CIs). Committee (DMC) recommended that the Phase 1b/2 study (CALLISTO/LUC2001) of dara in combination with Tecentriq (atezolizumab) vs. Tecentriq monotherapy in patients with previously-treated advanced or metastatic non-small cell lung cancer (NSCLC) should be terminated. Tecentriq is a humanized monoclonal antibody against programmed cell death-ligand 1 (PD-L1). In addition, the Phase 1 MMY2036 study of dara plus JNJ-63723283, an anti PD-1 antibody, in patients with multiple myeloma is being discontinued.”

According to TipRanks.com, Selvaraju is a 3-star analyst with an average return of 2.4% and a 40.9% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.

Sorrento Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $25.

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Based on Sorrento Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $32.57 million. In comparison, last year the company had a GAAP net loss of $23.06 million.

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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.