Sorrento Therapeutics Inc.’s stock surged almost 20 percent last week, continuing a trend of strong performance, as shares have gained 37.5 percent in the second quarter.
The most recent gains, which largely occurred on Monday, seem to have been triggered by a bullish note to investors from analysts at MLV & Co., who raised their price target on the stock to $33 on Monday from $25.
Funds were also bullish on Sorrento Therapeutics Inc. (NASDAQ:SRNE) heading into this quarter, with nine funds holding $77.78 million of the company’s shares on March 31, a step up from the eight funds holding just $48.41 million in shares at the end of 2014.
Kurt Von Emster‘s Venbio Select Advisor was the most bullish of those, with a position of 2.21 million shares, and the stock ranking as his third pick.
Sorrento recently sold the rights to its proposed cancer treatment Cynviloq, as well as the wholly owned subsidiary that was developing the drug, to Illinois-based NantPharma for up to $1.3 billion.
Shortly after the sale, the company announced the launch of a new subsidiary dubbed TNK Therapeutics.
The new subsidiary will focus on developing CAR-T immunotherapies derived from a collaboration between Sorrento and California biotech Conkwest. Under an $11 million deal signed in December, Conkwest agreed to combine its cell therapy, Neukoplast, with Sorrento’s proprietary antibodies, creating targeted cancer treatments that target tumors, the partners said.