Sorrento Therapeutics (SRNE) Gets a Buy Rating from Oppenheimer


In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Sorrento Therapeutics (SRNE), with a price target of $10. The company’s shares closed on Friday at $3.67.

Breidenbach noted:

“Sorrento reported 3Q results on Friday, capping a recent flurry of important announcements. In the last six weeks, we have seen the company officially launch its first commercial product (ZTlido), dose its first patients in a groundbreaking CD38 CAR-T trial, present updated clinical results for its CEA CAR-T program at SITC, and resolve a near-term financing overhang. In the next few months, we expect to see first-in-human results from the CD38 CAR-T, which could serve as a significant de-risking event. To address its looming cash runway issue, management recently closed a $150M debt financing that could extend the company’s operational runway into 2H20. The financing should provide Sorrento with adequate breathing room to complete at least three key trials. $10 PT.”

According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 2.7% and a 38.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Seres Therapeutics.

Currently, the analyst consensus on Sorrento Therapeutics is a Strong Buy with an average price target of $21.67.

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The company has a one-year high of $10.65 and a one-year low of $2.15. Currently, Sorrento Therapeutics has an average volume of 1.59M.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock.

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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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