Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE) yesterday and set a price target of $10. The company’s shares closed yesterday at $5.35.
Breidenbach observed:
“Monday, Sorrento announced dosing and early results from the first patient enrolled in the company’s Phase 1b trial of resiniferatoxin (RTX) in osteoarthritis (OA). RTX has previously been tested in patients with intractable cancer pain and in animals with OA, but this trial represents the first use of RTX in human OA patients. Early results showed a substantial decrease in knee pain intensity, even at the lowest dose specified in the trial protocol. While we caution investors on drawing any conclusions from single-patient datasets, we are optimistic that early signs of activity could accelerate development timelines in this indication. We are encouraged by Sorrento’s continued execution of its clinical development plans for RTX, and we reiterate our Outperform rating and $10 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 10.1% and a 43.8% 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, a 300.4% upside from current levels. In a report released yesterday, 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 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 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.
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.
