Dawson James Reiterates Buy Rating on Sorrento Therapeutics (SRNE) on FDA Clearance for Phase 2 of Abivertinib in COVID-19

Dawson James analyst Jason Kolbert reiterated a Buy rating and $24.00 price target on Sorrento Therapeutics (NASDAQ: SRNE) after the FDA cleared a Phase 2 study for Abivertinib in COVID-19.

The analyst commented, "Abivertinib is a tyrosine kinase inhibitor (TKI) that selectively targets both mutant forms of the epidermal growth factor receptor (EGFR) and Bruton's tyrosine kinase (BTK). Abivertinib irreversibly binds to the BTK receptor, preventing the phosphorylation of the receptor. Due to this effect, it has shown potent immunomodulatory activities in vitro by inhibiting key pro-inflammatory cytokine production, including IL-1beta, IL-6, and TNF-alpha. These cytokines are associated with cytokine release syndrome (CRS) or cytokine storm and COVID19 disease progression with poor outcomes in patients with acute respiratory distress syndrome (ARDS)"

For an analyst ratings summary and ratings history on Sorrento Therapeutics click here. For more ratings news on Sorrento Therapeutics click here.

Shares of Sorrento Therapeutics closed at $6.97 yesterday.

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