Dallas, Texas 06/26/2015 (Financialstrend) – Sorrento Therapeutics Inc (NASDAQ:SRNE) is once again the subject of research for many equity research firms. The company’s recent activity, mainly by subsidiaries, has led analysts to believe there is an upside to this therapeutics player. On Monday, MLV & Co. restated that it would continue to rate Sorrento Therapeutics as a ‘buy.’ The analyst firm has set a price target of $33.00 for the biopharmaceutical company.
On Thursday, ARK Animal Health, a subsidiary owned by Sorrento, announced receiving Minor Use/Minor Species or MUMS Drug Designation by the FDA for its ARK-001 veterinary drug. The drug is used for pain relief in dogs affected by one cancer. The present designation will allow the company to market its product, under exclusive rights for seven years. Additionally, it will also be ‘eligible’ for approvals, on conditional basis. When such conditional approval is granted, the company will have five years to provide complete data for full approval and more than five years to market the drug.
Sorrento Therapeutics Inc (NASDAQ:SRNE) subsidiary is also developing vaccines which will help fight infections from Staphylococcus, which typically causes the Pyoderma condition in dogs.
Currently, Sorrento and ARK are sharing services agreement to augment the expenses of development as many of them overlap, especially with respect to Human programs such as the API manufacturing processes.
Sorrento Therapeutics Inc (NASDAQ:SRNE) is an oncology company which is focused on clinical stage treatments for pain associated with cancers. As the biopharmaceuticals forges ahead with different partners to find successful drugs which bring pain relief, analysts continue to rate this cancer domain player a ‘buy.’
The recent developments have strongly underplayed the vast intellectual property it owns, by way of its clinical research and development of pain relieving cancer drugs. The recent diversifications into developing products which are indications or associated with immunology have also brought in investor confidence.