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Sorrento: New platform underlines the Bull case further

Sorrento Therapeutics (SRNE) is not satisfied with the fact that a pipeline of multiple candidates at different stages of development is bursting at the seams and has now added another arrow to the quiver. On Monday, the company announced that it was forming a new subsidiary called ADNAB. The new company will further develop and commercialize a technology platform developed by the Mayo Clinic for the production of antibody-drug conjugates (ADC). The platform was licensed exclusively to Sorrento. ADNAB, an immune complex made from nanoparticle albumin-bound drugs that are not covalently linked to monoclonal antibodies (mAb) against tumor targeting, was developed by Dr. med. Svetomir Markovic and his research team at the Mayo Clinic. The team has created nine potential ADNAB candidates, two of which are currently enrolling patients in an FDA-supervised human study. The ADNAB platform will leverage Sorrento’s G-MAB library of fully humanized monoclonal antibodies, providing an extensive collection of product candidates to combat liquid and solid tumors. However, Sorrento believes the platform can be effective in areas other than oncology and work on development for autoimmune diseases has already begun. Later this year, the company intends to file multiple Investigational New Drug (IND) applications, as well as filing for Breakthrough Therapy for ovarian and endometrial cancer. HC Wainwright analyst Ram Selvaraju thinks the new company is good news for investors. “In our view, the formation of ADNAB only underscores Sorrento’s expertise and commitment to developing next-generation antibody-based antibodies using a variety of disruptive, cutting-edge technology platforms,” ​​said the 5-star analyst. “We also note that if successful, companies like ADNAB could spin off Sorrento into independent public companies, unlocking more shareholder value.” Overall, Selvaraju maintains a buy rating on SRNE shares backed by a price target of $ 30. Investors could pocket gains of ~ 82% if the analyst’s forecast goes as planned. (To see Selvaraju’s track record, click here.) Selvaraju’s colleagues are just as optimistic. 3 additional purchases result in a strong consensus buy rating. The analysts forecast an upward trend of ~ 70% for the next 12 months, as the average price target is USD 28. (See SRNE stock analysis on TipRanks.) To find great ideas for trading healthcare stocks at attractive valuations, visit TipRanks ‘Best Stocks to Buy, a newly launched tool that brings together all of TipRanks’ stock insights. Disclaimer: The opinions expressed in this article are solely those of the presented analyst. The content is intended to be used for informational purposes only. It is very important that you do your own analysis before making any investment.