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SRNE

Sorrento Therapeutics

$2.55

0.145 (6.04%)

14:36
10/07/19
10/07
14:36
10/07/19
14:36

Sorrento Therapeutics announces $25M registered direct offering

Sorrento Therapeutics announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase in a registered direct offering of 10.87M shares of its common stock and warrants to purchase up to 10.87M shares of its common stock, at a combined purchase price of $2.30 per share and related warrant. The offering is expected to close on or about October 9, subject to the satisfaction of customary closing conditions. The gross proceeds of the offering are expected to be approximately $25M, before deducting the placement agent's fees and other estimated offering expenses. Sorrento currently intends to use the net proceeds from the offering for the continued clinical development of its RTX and CD38 CAR-T programs and general research and development, working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

SRNE Sorrento Therapeutics
$2.55

0.145 (6.04%)

12/12/18
HCWC
12/12/18
NO CHANGE
HCWC
Buy
Sorrento Therapeutics has multiple catalysts in 2019, says H.C. Wainwright
2019 should represent a turning point for Sorrento Therapeutics, H.C. Wainwright analyst Raghuram Selvaraju tells investors in a research note. The analyst believes the company is in position to report "multiple value-driving clinical data catalysts" over the course of 2019, both with its pain management portfolio and its cancer immunotherapy candidates. He thinks the interest in anti-CD38 CAR-T approaches has only increased following the recently concluded American Society for Hematology annual meeting. Further, Sorrento's recent financing transactions "provide a pathway to sustainability," adds Selvaraju. He reiterates a Buy rating on the shares with a $40 price target.
03/20/19
RILY
03/20/19
NO CHANGE
Target $12
RILY
Buy
B. Riley FBR boosts Sorrento target to $12, sees 'numerous' catalysts
B. Riley FBR analyst Andrew D'Silva raised his price target for Sorrento Therapeutics to $12.00 from $10.50 and maintains a Buy rating on the shares following the company's Q4 results. Following the "strong close to 2018," the analyst lowered his cash burn estimates and pushed out projected capital raises. The top- and bottom-line beats were due to higher sales and services revenue, primarily out of Scilex Pharmaceuticals, the company's majority-owned subsidiary, as ZTlido sales were recognized a quarter earlier than expected, D'Silva tells investors in a research note. The analyst, however, continues to believe the primary driving force of Sorrento's share price is "locked in its product pipeline." With "numerous high-value opportunities" that primarily extend across immuno-oncology, pain management, and animal health, D'Silva sees a positive risk/reward on the stock.
07/23/19
HCWC
07/23/19
NO CHANGE
Target $30
HCWC
Buy
Sorrento Therapeutics price target lowered to $30 from $40 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for Sorrento Therapeutics to $30 from $40 to reflect dilution from the company's sale of 8.3M shares at $3.00. He views resiniferatoxin as one of the most promising projects in Sorrento's pipeline and reiterates a Buy rating on the shares, however.
10/07/19
JMPS
10/07/19
INITIATION
Target $21
JMPS
Outperform
Sorrento Therapeutics initiated with an Outperform at JMP Securities
JMP Securities analyst Donald Ellis initiated Sorrento Therapeutics with an Outperform rating and a price target of $21. The analyst cites the company's "attractive asset" Resiniferatoxin being ready for Phase 2/3 trials, which is targeting a multi-million patient markets in non-opioid pain therapy. Ellis also points to Sorrento seeking an FDA "breakthrough designation" for total knee arthroplasty deferment which, if granted, will initiate registration trials in Q1 of next year.

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