Sorrento Therapeutics Inc (SRNE): This Analyst Thinks the Stock Can Go To $38
A number of biotech companies, including Sorrento Therapeutics Inc (NASDAQ:SRNE), have staked a lot on CAR-T therapies for cancer patients.
Yesterday, Sorrento reported initial results from the Hepatic ImmunoTherapy for MetastasesSurefire (HITM-SURE) study, a Phase 1b single-arm trial testing its autologous anti-CEA CAR-T cells given regionally by hepatic artery infusions (HAIs) via pressure-directed microvalve infusion (MVI) technology (Surefire Infusion System) in heavily pre-treated patients with refractory CEA-positive liver metastases (LM).
“In 15 patients in the Phase 1 and 1b studies, our CAR-T hepatic artery infusion method has resulted in highly selective delivery of CAR-T to liver tumors, with avoidance of severe cytokine release syndrome and neurotoxicity. We have observed encouraging clinical outcomes in heavily pre-treated patients. Future trials will test our novel delivery strategies for pancreatic and peritoneal tumors, in addition to novel combinatorial approaches to reverse organ-specific immunosuppressive pathways. We have developed a pipeline and delivery methods specifically tailored to address barriers to effective solid tumor CAR-T therapy, including the use of Surefire’s pressure-directed microvalve infusion technology to help overcome the high interstitial pressure of these tumors,” said Dr. Steven Katz, the Principal Investigator of the Study.
In reaction, H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento shares, with a price target of $38, which implies an upside of 426% from current levels. (To watch Selvaraju’s track record, click here)