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Sorrento's COVID Test Approved in Mexico

Source: Streetwise Reports

 

June 10, 2021 (Investorideas.com Newswire) This and other recent developments involving Sorrento Therapeutics' pipeline and partners are covered in a Dawson James Securities report.


In a June 7 research note, Dawson James Securities analyst Jason Kolbert reported Sorrento Therapeutics Inc. (SRNE:NASDAQ) discussed a number of developments at the firm.

For one, Mexico's health regulatory agency, the Comisión Federal para la Protección contra Riesgos Sanitarios, or COFEPRIS, approved Sorrento's COVI-STIX assay for the SARS-CoV-2 virus for emergency use, Kolbert noted. The California-based biopharma expects to have the test available in Mexico in a few weeks, having already started the process of rolling it out there.

"This approval is expected to form the foundation for similar clearances in other Latin American countries, including Brazil, in which Sorrento is currently conducting multiple therapeutic clinical trials," wrote Kolbert.

Two, one of Sorrento's license and development partners, Sichuan Kelun-Biotech Biopharmaceutical, presented data from its Phase 1 study of A166 at the recent American Society of Clinical Oncology (ASCO) meeting, Kolbert relayed. A166 is a site specific, third generation, HER-2 positive antibody drug conjugate.

"Compared to its commercial competitors, A166 demonstrated a better safety profile in the initial study and potentially better efficacy," he wrote. Specifically, A166's overall response rate of 71.4% at a dose of 6 milligrams per kilogram (6 mg/kg) was higher than that of DS-8201, which is 60.9% at a dose of 5.4 mg/kg.

Three, another of Sorrento's license partners, Lee's Pharmaceutical Holdings, was greenlighted to proceed with a multicenter Phase 3 trial of the antibody Socazolimab as a potential firstline treatment for patients with extensive stage small cell lung cancer. The study's principal investigator is Shun Lu with the Shanghai Chest Hospital.

Four, Sorrento completed its acquisition of ACEA Therapeutics, noted Kolbert. With this transaction, the biopharma gained two clinical candidates, Abivertinib (a tyrosine kinase inhibitor) and AC0058 (a next generation Bruton's tyrosine kinase inhibitor), as well as preclinical candidate AC0939. The company also now has ACEA's proprietary database of more than 1 million compounds and its sizable manufacturing facility in Quzhou, China, where Abivertinib and AC0058 were made for clinical studies.

Dawson James has a Buy rating on Sorrento Therapeutics. Based on its model that excludes the ACEA acquisition, the brokerage firm assigns a $19 per share price target to Sorrento. In comparison, the stock is trading now at about $9.25 per share.

Disclosure:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

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Disclosures for Dawson James Securities, Sorrento Therapeutics, June 7, 2021

The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with SRNE in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.

Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of May 31, 2021, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.

Analysts receive no direct compensation in connection with the Firm's investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

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