In a report released yesterday, 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 $4.55.
Breidenbach observed:
“Wednesday, Sorrento’s subsidiary Scilex Pharmaceuticals moved a step closer to commercialization of ZTlido by announcing pricing and availability data. ZTlido, a 1.8% lidocaine patch, was approved for post-herpetic neuralgia (PHN) earlier this year and is slated for an October launch. The per-patch WAC was in line with our estimates, and Scilex has laid the groundwork for a successful commercial launch by hiring 11 regional directors and a contract sales force supported by Syneos Health. To finance the launch, Scilex recently completed a royalty-based debt deal which provides ~ $140M in dedicated, non-dilutive funding. ZTlido is an integral part of our investment thesis, serving as a low-risk hedge to Sorrento’s more sophisticated oncology and pain management products. $10 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 9.6% and a 45.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sorrento Therapeutics with a $21.67 average price target, representing a 376.3% upside. In a report issued on September 10, H.C. Wainwright also reiterated a Buy rating on the stock with a $40 price target.
.
See today’s analyst top recommended stocks >>
Based on Sorrento Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $73.86 million. In comparison, last year the company had a GAAP net loss of $14.19 million.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock. Most recently, in July 2018, Henry Ji, the President of SRNE bought 6,000 shares for a total of $10,500.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
