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Sorrento: new platform further highlights the Bull affair
Not content with bragging about a bragging pipeline with multiple candidates in various stages of development, Sorrento Therapeutics (SRNE) has now added another arrow to the quiver. On Monday, the company announced the creation of a new subsidiary called ADNAB. The new entity will advance and commercialize a technology platform that was developed by the Mayo Clinic to produce antibody-drug conjugates (ADCs). The platform was exclusively licensed to Sorrento. An immune complex of nanoparticulate albumin-linked drug products, which are non-covalently connected to monoclonal antibodies (mAbs) targeting tumors, ADNAB was developed by Svetomir Markovic, MD, Ph.D., and his team of researchers at the Mayo Clinic. Nine potential ADNAB candidates have been created by the team, two of which are currently recruiting patients for an FDA-supervised human trial. The ADNAB platform will utilize Sorrento’s G-MAB library of fully humanized monoclonal antibodies, making it well positioned to provide a large collection of product candidates to combat both liquid and solid tumors. However, Sorrento believes the platform has the potential to be effective in areas other than oncology and that work has already started to develop it for autoimmune diseases. Later this year, the company intends to file multiple Investigational New Drug (IND) applications and will also seek the breakthrough therapy designation in ovarian and endometrial cancers. HC Wainwright analyst Ram Selvaraju believes the new entity is good news for investors. “In our opinion, ADNAB’s formation only underscores Sorrento’s expertise and commitment to develop next-generation antibody-based drugs using a variety of disruptive and cutting-edge technology platforms.” , said the 5-star analyst. “We also note that entities like ADNAB could, if successful, be transferred from Sorrento to independent listed companies, thus freeing up more value for shareholders.” Overall, Selvaraju maintains a buy rating on SRNE shares backed by a price target of $ 30. Investors could pocket gains of around 82%, if the analyst’s forecast goes as planned. (To see Selvaraju’s track record, click here) Selvaraju’s colleagues are equally optimistic; 3 additional purchases are added to a Strong Buy consensus rating. Analysts are forecasting about a 70% increase over the next 12 months, given the average price target stands at $ 28. (See SRNE Stock Analysis on TipRanks) To get great ideas for health stocks traded at attractive valuations, visit the Best Stocks to Buy from TipRanks, a newly launched tool that brings together all the information about stocks from TipRanks . Disclaimer: The opinions expressed in this article are solely those of the analyst presented. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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