|Bid||8.91 x 900|
|Ask||8.92 x 900|
|Day's Range||8.72 - 9.25|
|52 Week Range||1.55 - 19.39|
|Beta (5Y Monthly)||2.34|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
China's regulatory authorities have signed off on Lee's Pharmaceutical Holdings Limited's Phase 3 trial evaluating socazolimab in small-cell lung cancer. Lee Pharma has in-licensed socazolimab from Sorrento Therapeutics Inc (NASDAQ: SRNE) for the greater China territory. The multicenter, randomized, double-blinded, parallel-group trial will combine socazolimab with chemotherapy in the first-line treatment of extensive-stage small-cell lung cancer. The clearance is based on the results from an earlier Phase 1b trial in which socazolimab combined with carboplatin and etoposide showed a promising efficacy and safety profile. Patient recruitment will start in the second quarter of 2021. Socazolimab is a fully human anti-PD-L1 monoclonal antibody identified by Sorrento using its proprietary G-MAB library platform. Price Action: SRNE shares are trading 3.7% higher at $9.21 in the premarket session on the last check Monday. See more from BenzingaClick here for options trades from BenzingaRoche Walks Away From Regular FDA Nod For Tecentriq In Pretreated Bladder CancerMerck/Ridgeback Biotherapeutics' COVID-19 Antiviral Shows Promise© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sorrento (SRNE) has a multi-pronged approach to therapeutics. The company has been constantly adding new options to its bulging pipeline and has made two notable additions over the past month. Earlier this week, Sorrento and majority-owned subsidiary Scilex disclosed they are signing an exclusive licensing deal with Aardvark Therapeutics, which will bring ARD-301 under the ever-expanding Sorrento umbrella. ARD-301, Aardvark’s proprietary LDN (Low Dose Naltrexone) formulation is intended to treat chronic pain, fibromyalgia, and chronic post-COVID syndrome (“long COVID”) and will augment the company’s non-opioid pain franchise. Scilex plans to kick off a new Phase 2 trial this year for both fibromyalgia and chronic post-COVID syndrome. In previous clinical studies with LDN, the non-opioid, non-addictive therapeutic has displayed activity that has improved a wide array of fibromyalgia symptoms. Right now, for the disorder, there are just 3 FDA approved treatments. “With ARD-301, Scilex is adding a key tool to physicians’ therapeutic armamentarium for treating fibromyalgia, a chronic disorder characterized by musculoskeletal pain that affects ~10M U.S. adults,” said B. Riley analyst Mayank Mamtani. "ARD-301 also serves as a bridge to SRNE's two of three core therapeutic areas (TAs) in non-opioid pain and C-19.” The latest move follows last month’s announcement of another addition; Sorrento is purchasing the outstanding equity of ANP Technologies for a total of $100 million. The acquisition will not only give Sorrento access to a “diverse pipeline” based on ANP’s Nano Intelligent Detection/Delivery System (NIDS®) for the identification of chemical and bio-warfare agents, but adds a second EUA-stage Covid-19 diagnostic to its arsenal. Mamtani says the acquisition will bring in “extra capacity to produce COVID test kits and provide the know-how to optimize the assay through improving detection capabilities, thereby conferring increased sensitivity and specificity.” All in all, Mamtani keeps a Buy rating on SRNE shares, alongside a $26 price target. The implication for investors? Upside of a hefty 192%. (To watch Mamtani’s track record, click here) Big gains are also anticipated by Mamtani’s colleagues. The even higher $28 average price target implies the stock will be changing hands for a 209% premium a year for now. All 4 analysts keeping a tab on Sorrento rate it a Buy, resulting in a Strong Buy consensus rating. (See SRNE stock analysis on TipRanks) To find good ideas for coronavirus stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
In this article we talk about 15 fastest growing biotech companies in the US. You can skip our detailed analysis of the biotech industry and go to 5 Fastest Growing Biotech Companies in the US. Biotechnology is one of the most consequential domains of the healthcare industry. Biotechnology uses biology and the functions of living […]