10.38 +0.61 (6.24%)
After hours: 7:59PM EDT
Ascending Continuation Triangle
|Bid||10.18 x 2200|
|Ask||10.39 x 2200|
|Day's Range||9.13 - 9.86|
|52 Week Range||1.39 - 10.54|
|Beta (5Y Monthly)||3.16|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||25.00|
Sorrento Therapeutics (SRNE) enjoyed yet another stellar day. Sure, there have been plenty of good weeks so far in 2020 – shares are up by a resounding 190% year-to-date. And according to H.C. Wainwright analyst Ram Selvaraju, there’s plenty more to come.Selvaraju reiterated a Buy rating on SRNE shares and boosted his price target to $30. If the market plays nice with Selvaraju’s forecast, investors could be adding a massive 207% to their portfolios over the next 12 months. (To watch Selvaraju’s track record, click here)That’s an extremely bullish call, so what lies behind it? Last week, Sorrento announced it had inked a licensing deal with Columbia University for an innovative new COVID-19 test. The university has given Sorrento the rights to a fast, one-step diagnostic test that samples saliva and can detect the SARS-CoV-2 virus in 30 minutes.COVI-TRACE – the test’s name – will be marketed by Sorrento. What sets it apart from other diagnostic products is that all testing materials are held in a single tube, eliminating the need for any laboratory equipment. The advantages are obvious, as this means the test is mobile and can be used in various settings - either on site, for point-of-care or even for home testing.With the number of COVID-19 cases spiking, laboratories across the country are finding it difficult to meet the demand. As a result of the current backlog, average turnaround times for test results are reportedly between several days to over a week. Selvaraju expects Sorrento to file for EUA certification immediately. The 5-star analyst said, “We believe that the incentive to facilitate the large-scale and indeed ubiquitous deployment of the COVI-TRACE test is extremely high and governments worldwide may seek to implement this in their respective regions. Our current assumptions viewed in this context may be considered conservative—we utilize a $15 price per test (payable on a cash basis, which obviates the reimbursement part of the equation) and anticipate that roughly 56.5 million such tests could be conducted at peak annually, resulting in total sales of roughly $1 billion."Overall, only one other analyst has thrown the hat in with a review of the high-flying biotech over the past three months. The extra Buy provides Sorrento with a Moderate Buy consensus rating. At $27, the average price target implies upside potential of 181%. (See Sorrento stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Shares of Sorrento Therapeutics (NASDAQ: SRNE) rose on Friday, furthering the biopharmaceutical company's gains since it disclosed a licensing deal for an innovative new COVID-19 test. "Testing for SARS-CoV-2 needs to be fast, frequent, and far-reaching," said Dr. Zev Williams, associate professor at Columbia University.
CEO Dr. Henry Ji said the test could eventually be used to test people before they fly on airplanes, attend sporting events, or stay at a hotel.
New York, New York--(Newsfile Corp. - July 27, 2020) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Sorrento Therapeutics, Inc. ("Sorrento") (NASDAQ: SRNE) between May 15, 2020 and May 22, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the the United States District Court for the Southern District of California. To get ...
LOS ANGELES, CA / ACCESSWIRE / July 27, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Sorrento Therapeutics, Inc.
What happened Shares of Sorrento Therapeutics (NASDAQ: SRNE) were climbing 4.5% as of 10:45 a.m. EDT on Monday. The small biotech didn't report any news. Instead, it appears to be the result of the rise in the overall stock market as well as investors buying on the dip after Sorrento announced on Friday plans to acquire SmartPharm Therapeutics.
NEW YORK, NY / ACCESSWIRE / July 27, 2020 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies.
Los Angeles, California--(Newsfile Corp. - July 27, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Sorrento Therapeutics, Inc. (NASDAQ: SRNE) ("Sorrento" or "the Company") for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between May 15, 2020 and May 22, 2020, inclusive ...
NEW YORK, NY / ACCESSWIRE / July 27, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies.
Sorrento (SRNE) has signed of a letter of intent to buy SmartPharm, to develop a pipeline of gene-encoded antibodies for the potential treatment of COVID-19 and cancer therapeutics.The biotech company expects that the combination of SmartPharm's DNA gene-encoded in vivo expression technology and its SARS-CoV-2 neutralizing antibodies may potentially provide longer-acting, single injection protection against COVID-19. Financial terms of the deal, which is expected to close in August, were not disclosed.Sorrento plans to accelerate the development of multiple candidates for in vivo gene-encoded antibodies, starting with its previously announced STI-1499, or COVI-GUARD, which is currently going through preclinical and manufacturing requirements.In vitro results so far have demonstrated STI-1499's ability to neutralize SARS-CoV-2 infection at low doses, turning it into the company’s lead candidate for potential cost-effective passive protection against COVID-19."We are very encouraged by the preclinical data generated thus far by our STI-1499 neutralizing antibody against COVID-19," said Sorrento CEO Henry Ji. "We are excited about the prospect of leveraging SmartPharm's Gene Mab platform in combination with our G-MAB library to produce next-generation gene-encoded antibody candidates against a host of pathogens and cancer cell types. Being able to stimulate the body to produce in vivo our most potent antibodies at optimized manufacturing costs will offer an additional competitive advantage as Sorrento transitions from product development to full scale manufacturing and commercialization."Sorrento is already working with SmartPharm's gene-encoded monoclonal antibody delivery platform, also known as Gene Mab, to encode and express in vivo proprietary SARS-CoV-2 neutralizing monoclonal antibodies.If clinical trials are successful, a single administration of STI-1499dpi (DNA plasmid injection) could allow the recipient's own muscle cells to produce the antibody for a prolonged period of time after a single injection, potentially providing extended protection against COVID-19 for periods of time that might provide an alternative to vaccines, the two companies said in the statement. The move follows last week’s announcement that the U.S. Food and Drug Administration (FDA) had given Sorrento the go ahead to initiate a Phase 2 trial of abivertinib in COVID-19 patients with moderate to severe lung-related symptoms.Sorrento is confident abivertinib’s potent effect can help it prevent the "cytokine storm," in which the body attacks its own cells on account of the immune system’s overreaction, in COVID-19 patients.The FDA approval prompted H.C. Wainwright analyst Ram Selvaraju to reiterate a Buy rating on the stock with a $24 price target saying that he believes that Sorrento may be positioning itself as a leader in addressing the pandemic, with multiple potential therapeutic approaches in its pipeline.“While the clinical development path for abivertinib in lung cancer and its applicability in COVID-19 patient treatment shall need to be clarified, we believe that an accelerated route to the U.S. market for lung cancer treatment and positive Phase 2 data in COVID-19 patients ought to catalyze substantial strategic interest in abivertinib from established pharmaceutical firms,” Selvaraju wrote in a note to investors last week.Shares in Sorrento are currently trading up a stellar 118% on a year-to-date basis, and analysts have a Moderate Buy consensus on the stock’s outlook. The $24 average analyst price target indicates a promising 229% upside potential in the shares over the coming year. (See SRNE stock analysis on TipRanks).Related News: Gilead’s Kite Gets FDA Nod For Tecartus Blood Cancer Treatment Moleculin Pops 33% On Anti-Viral Activity For Potential Covid-19 Treatment Upcoming Phase 2 COVID-19 Trial Marks Key Milestone for Sorrento (SRNE); Analyst Says ‘Buy’
LOS ANGELES, CA / ACCESSWIRE / July 25, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Sorrento Therapeutics, Inc.
A journey of a thousand miles begins with a single step, and a big one in this case. On Monday, Sorrento Therapeutics (SRNE) announced the FDA had given it the go ahead to initiate a Phase 2 trial of Abivertinib in COVID-19 patients with moderate to severe lung-related symptoms.Abivertinib - a small molecule tyrosine kinase inhibitor - has already been studied in over 600 patients across the globe for several oncologic indications, with it able to target multiple cytokines at the same time. Sorrento is confident Abivertinib’s potent effect can help it prevent the "cytokine storm," in which the body attacks its own cells on account of the immune system’s overreaction, in COVID-19 patients.Dawson James analyst Jason Kolbert believes Sorrento is on track to create the perfect “cocktail” capable of providing “100% inhibition.”“[The] news is consistent with the company’s goal to generate an antibody cocktail against SARS-CoV-2 coronavirus infection. As a cocktail, the product could remain effective even if virus mutations occur. Through the U.S.'s Project Warp Speed, it's possible we could see this cocktail move rapidly to commercialization,” the analyst said.Sorrento has multiple COVID-19 programs in various stages of development. These include antibody STI-1499 (COVI-SHIELD), which also recently demonstrated promising in vitro results. The drug was able to completely block the SARS-CoV-2 virus, and is set to be the first antibody in the antibody cocktail Sorrento is working on.The company is also developing COVI-TRACK, a COVID-19 antibody testing solution, with it currently awaiting Emergency Use Authorization (EUA). Sorrento has already secured the means to produce up to five million test kits per month, which will be distributed to clinical sites across the U.S. once authorization is received.Accordingly, Kolbert keeps a Buy rating on Sorrento, along with a $24 price target. From current levels, there’s massive potential upside of 223% should the analyst's thesis play out over the next year. (To watch Kolbert’s track record, click here)Overall, it has been relatively quiet when it comes to other analyst activity. In the last three months, only 2 analysts have issued ratings. However, as they were both Buys, the word on the Street is that SRNE is a Moderate Buy. This is accompanied by a $24 average price target – the same as Kolbert’s. (See Sorrento stock-price forecast on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Sorrento intends to acquire SmartPharm to develop its pipeline of gene-encoded antibodies to treat COVID-19 and cancer.
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were slipping 5% lower as of 3:24 p.m. EDT on Friday. The decline appears to be related to Sorrento's announcement earlier in the day that it plans to acquire SmartPharm Therapeutics. One reason why investors might be wary of Sorrento's intended acquisition of SmartPharm is that the financial terms of the deal weren't disclosed.
NEW YORK, NY / ACCESSWIRE / July 24, 2020 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Sorrento Therapeutics, Inc.
NEW YORK, NY / ACCESSWIRE / July 24, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly-traded companies.
Los Angeles, California--(Newsfile Corp. - July 24, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Sorrento Therapeutics, Inc. (NASDAQ: SRNE) ("Sorrento" or "the Company") for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between May 15, 2020 and May 22, ...
Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") and SmartPharm Therapeutics, Inc. ("SmartPharm") announced today the signing of a letter of intent for Sorrento to acquire SmartPharm, a gene-encoded therapeutics company developing non-viral DNA and RNA gene delivery platforms for COVID-19 and rare diseases, with broad potential for application in enhancing antibody-centric therapeutics, including against COVID-19. The transaction is expected to close in August 2020. Financial terms of the deal were not disclosed.
Two that particularly stand out are Sorrento Therapeutics (NASDAQ: SRNE) and Vaxart (NASDAQ: VXRT). Vaxart stock has skyrocketed more than 43 times higher so far in 2020. The drug hasn't been in Sorrento's pipeline for very long; the company announced that it was licensing the rights to abivertinib outside of China from ACEA Therapeutics in May.
San Diego-based Sorrento Therapeutics (NASDAQ:SRNE) has become one of the hottest biopharmaceutical companies investors are watching in the rush to find a cure for the novel coronavirus. So far in the year, SRNE stock is up around 130%.Source: luchschenF / Shutterstock.com However, that number tells only half the story. In mid-March, Sorrento shares hit a recent low of $1.55. Now they are flirting with $8. That is an increase of about 400%.Put another way, $1,000 invested in SRNE stock in early spring would now be worth over $5,000.InvestorPlace - Stock Market News, Stock Advice & Trading TipsTherefore, today, I'll take a closer look at whether long-term investors should consider committing new capital into Sorrento Therapeutics. Why Investors Became Interested in SRNE StockSorrento is a clinical-stage and commercial biopharma company. Until recently, its emphasis was on immuno-oncology and non-opioid pain management. It has been working on therapies to "improve the lives of those who suffer from cancer [and] intractable pain." * 10 Cybersecurity Stocks We Need Now More Than EverThis year brought another dimension its efforts, i.e., its aggressive research on the novel coronavirus.The company claims that the immuno-oncology portfolio will allow it to develop multimodal therapies to "attack harmful cells frequently and relentlessly" and "generate the next generation of cancer therapeutics." In addition, it now has several Covid-19 therapy candidates.In fact, management is hopeful about having antibody ready by this fall. In recent weeks, SRNE stock has moved along with each news release by the company on the developments regarding their coronavirus-related trials.For example, following a press release on July 20, it surged close to 20%. The FDA gave the green light to Abivertinib for Phase 2 safety and efficacy study in hospitalized patients with moderate to severe Covid-19. The results would likely be important for patients "hospitalized with developing cytokine storm in the lungs." What Could Derail SRNE StockThe health and economic effects of the pandemic worldwide has fueled investors' love affair with small biotech firms as well as the big pharma.I'd encourage potential investors to read the company's latest 10-Q SEC filing where management highlights several important risk factors. It says, "We are a clinical stage company subject to significant risks and uncertainties, including the risk that we or our partners may never develop, obtain regulatory approval or market any of our product candidates or generate product related revenues."The next stage is in the efforts to develop a Covid-19 vaccine is expected to involve animal studies. And following potential successful results, human trials would be likely. However, the road is a long and potentially difficult one.Management also draws attention to the fact that it has "incurred significant losses since inception and [is likely to] incur continued losses for the foreseeable future." In the quarter that ended March 31, net revenue came $7.7 million. Net losses were more than $69 million.Developing effective therapies can be extremely costly, putting immense pressure, especially on a small company's capital structure. And the competition to develop a cure for the novel corona virus is intense. In addition to Sorrento, several other companies are currently working on vaccine or drug development. They include AstraZeneca (NYSE:AZN), GlaxoSmithKline (NYSE:GSK), Inovio Pharmaceuticals (NASDAQ:INO), Moderna (NASDAQ:MRNA), Novavax (NASDAQ:NVAX) and Pfizer (NYSE:PFE).It'd be important to remember that big pharma can not only discover a vaccine or drug, but also produce it in mass quantities, which is an essential part of the equation. Therefore, in the second half of the year, market participants may decide to de-risk away from smaller companies such as Sorrento.Instead, they may want to concentrate on more established names with established R&D and manufacturing facilities. Bottom Line for SRNE StockShares of many biotech companies, including SRNE stock, have seen stunning gains this year, especially since late March. Now market participants are wondering if they are somewhat late to the party or if the stock could indeed go up any further. Seasoned investors realize that big sums can be made or lost by taking a bet on a potential cure that may be developed by otherwise a small biotechnology company.Unless the company comes up with tangible results, some profit-taking in SRNE stock may be likely. Therefore, if you are an investor with paper profits, you may want to take some capital off the table.In the long run, if the company can successfully reach the finish line and develop a therapy that is accepted by global authorities, then early shareholders are likely to be rewarded even further. Potential long-term investors should appreciate the given risk/return profile of a small biotechnology company and remember that SRNE is a highly volatile stock. It makes rather substantial moves, both up and down on a daily basis.Finally, in case the company's efforts are successful, it could easily find itself a takeover candidate. Needless to say, such a development would benefit investors in SRNE stock.Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education, including a Ph.D. in the field, she has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation. As of this writing, Tezcan Gecgil holds PFE covered calls (July 31 expiry). More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post Sorrento Therapeutics May Be Ready For a Pullback appeared first on InvestorPlace.
NEW YORK, NY / ACCESSWIRE / July 23, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies.
LOS ANGELES, CA / ACCESSWIRE / July 23, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Sorrento Therapeutics, Inc.
NEW YORK, NY / ACCESSWIRE / July 23, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies.