Oppenheimer analyst Mark Breidenbach maintained a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE) today and set a price target of $10. The company’s shares closed yesterday at $7.35.
“Thursday, Sorrento reported 1Q results and we recently went on the road with management. Sorrento has prioritized development of its cancer cell therapy pipeline with emphasis on its CD38 CAR-T for multiple myeloma (MM), which could generate early data by the end of the year. Sorrento’s immuno-oncology franchise is deceptively deep; in addition to two clinical-stage CAR-T programs, the company has taken great strides to reduce CAR-T development timelines. Over the next 12-18 months, we expect the company to begin reaping the benefits of next-gen technologies including virus-free CAR-T manufacturing and off-the-shelf products based on gamma/delta T-cells that may reward patient investors. Offsetting some of the expense, Sorrento plans to commercialize its ZTlido beginning in 2H18. Reiterate Outperform, $10 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 17.6% and a 46.2% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Global Blood Therapeutics, and Seres Therapeutics.
Currently, the analyst consensus on Sorrento Therapeutics is Moderate Buy and the average price target is $25, representing a 240.1% upside.
In a report issued on May 4, H.C. Wainwright also reiterated a Buy rating on the stock with a $40 price target.
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Based on Sorrento Therapeutics’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $48.37 million. In comparison, last year the company had a GAAP net loss of $23.06 million.
Based on the recent corporate insider activity of 16 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.
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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.
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