Cantor Fitzgerald initiated coverage on Sorrento Therapeutics Inc (NASDAQ: SRNE) with an Overweight rating and a price target of $5.
The analyst says Sorrento has the potential to deliver multiple best-in-class products in high-value areas of oncology, pain, and infectious disease, highlighting three value drivers:
Scilex’s potential in non-opioid pain. Its pain portfolio currently has marketed and pipeline programs, which could unlock further meaningful value.
Abivertinib’s potential in non-small cell lung cancer
A conservative platform value is believed to allow investors to be rewarded from current levels over the near term and over the longer term as other pipeline programs come to the fore.
In August, abivertinib showed significant treatment benefits in 209 response-evaluable, heavily pretreated NSCLC patients, with an ORR of 56.5%.
A significant CR rate was seen with Abivertinib (5.3%) compared to AstraZeneca Plc’s (NASDAQ: AZN) Tagrisso (osimertinib) (0.5%), overall survival of 28.2 months (versus Tagrisso’s median OS of 26.8 months).
Price Action: SRNE shares are down 0.95% at $1.57 on the last check Wednesday.
Latest Ratings for SRNE
Date | Firm | Action | From | To |
|---|---|---|---|---|
Aug 2021 | HC Wainwright & Co. | Maintains | Buy | |
Jan 2021 | Alliance Global Partners | Initiates Coverage On | Buy | |
Jul 2020 | HC Wainwright & Co. | Maintains | Buy |
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Source: https://finance.yahoo.com/news/sorrento-potential-deliver-multiple-best-190925738.html