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Sorrento Therapeutics up 45% in two days but news scarce

Published 10/10/2017, 10:55 AM
© Reuters.  Sorrento Therapeutics up 45% in two days but news scarce
SRNE
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  • Sorrento Therapeutics (SRNE +21.4%) is yet another small biotech that has rallied on higher volume. Shares are up ~45% this week on no particular news.
  • A key upcoming event is the FDA's decision on its resubmitted marketing application for ZTlido (lidocaine patch 1.8%) for the treatment of postherpetic neuralgia (shingles). The action date is February 28, 2018.
  • H.C. Wainwright recently reiterated its Buy rating and $20 (more than a seven-bagger) price target. Oppenheimer also rates it a Buy but with a more modest $7 (169% upside) price target.
  • Previously: FDA accepts Sorrento's resubmitted marketing application for ZTlido, action date February 28, 2018 (Sept. 12)
  • Now read: Alexion: Buy On Dips With Soliris Catalyst Upcoming


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