|Bid||6.62 x 1800|
|Ask||6.59 x 3100|
|Day's Range||6.55 - 7.01|
|52 Week Range||2.56 - 19.39|
|Beta (5Y Monthly)||2.37|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||27.50|
Sorrento Therapeutics (SRNE) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front
The developments are coming in thick and fast at Sorrento Therapeutics (SRNE). Recent times have seen a flurry of announcements regrading the company’s bulging pipeline. Earlier this week, the company gave an update on the progress being made with several fully human monoclonal antibodies (mAbs) intended to treat COVID-19 and different types of cancers. The treatments are based on the company’s G-MAB technology platform, which H.C. Wainwright’s Ram Selvaraju says is “bearing fruit at a prodigious rate.” “This demonstrates the potential of the deep pipeline generated from Sorrento’s proprietary G-MAB™ library,” the 5-star analyst said in reference to the update. “This library is based on the use of RNA transcription for amplification of the antibody variable domains from over 600 donors. These donors were from both sexes and of multiple ethnicities, leading to broad diversity in the antibody library.” Two different anti-PD-L1 mAbs—STI-3031 and socalizumab—are now in Phase 2 and Phase 3 clinical trials. A PD-L1 mAb (STI-3031, also referred to as IMC-001) has been licensed to ImmuneOncia Therapeutics, Inc., and is a collaborative effort between Sorrento and Seoul-based Yuhan Corporation. IMC-001 has concluded the Phase 1b testing in patients with metastatic or locally-advanced solid tumors and is close to finishing off a Phase 2, open-label trial for the treatment of patients with resectable gastric cancer, esophageal cancer and liver cancer. ImmuneOncia has also begun enrolling participants for a Phase 2 study in relapsed or refractory extranodal NK/T cell lymphoma, nasal type. In the U.S., Sorrento has filed an Investigational New Drug (IND) and received the FDA’s nod of approval to proceed with a Phase 2a study of STI-3031 for advanced urothelial carcinoma. For socazolimab, Hong Kong-based Lee’s Pharmaceutical Holdings has been granted the license in China, and the drug has been given the all clear to begin a multicenter Phase 3 trial as a potential first-line treatment for patients with extensive-stage small-cell lung cancer. Selvaraju has high hopes for Sorrento’s pipeline, as displayed in an optimistic one-year price target. At $30, the figure is expected to yield returns of 249%. Selvaraju’s rating is, naturally, a Buy. (To watch Selvaraju’s track record, click here) Turning now to the rest of the Street, where the H.C. Wainwright analyst’s vote of confidence is backed by two other bullish predictions. The additional Buys result in a Strong Buy consensus rating, while the $25 average price target suggests 191% upside potential in the year ahead. (See SRNE stock analysis on TipRanks) To find good ideas for 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.
The FDA has signed off Sorrento Therapeutics Inc's (NASDAQ: SRNE) IND to proceed with a Phase 2a study for STI-3031 for advanced urothelial carcinoma. STI-3031 is based on Sorrento's G-MAB library that has fostered the development of several oncology programs currently in Phase 2 and Phase 3 clinical trials and neutralizing mAbs currently in Phase 2 trial directed against the spike protein of COVID-19 viruses. STI-3031, also known as IMC-001, was licensed to ImmuneOncia Therapeutics Inc a joint venture between Sorrento and Yuhan Corporation. The candidate has completed a Phase 1b study in patients with metastatic or locally-advanced solid tumors and is nearing completion of Phase 2 study in patients with resectable gastric cancer, esophageal cancer, and liver cancer. ImmuneOncia has also started to enroll patients in a Phase 2 study in relapsed or refractory extranodal NK/T cell lymphoma. A second antibody, Socazolimab, is licensed to Lee's Pharmaceutical Holdings Limited in the Greater China territory and has been cleared to begin a multicenter Phase 3 trial as a potential first-line treatment for patients with extensive-stage small-cell lung cancer. Price Action: SRNE shares are up 3.45% at $8.69 during the market trading session on the last check Tuesday. See more from BenzingaClick here for options trades from BenzingaSorrento's Human Derived Mesenchymal Stem Cells Achieves 100% Discharge Rate In Critically-Ill COVID-19 Patients© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.