UPDATE: MLV & Co. Initiates Coverage On Sorrento Therapeutics On Good Cynviloq Potential

In a report published Thursday, MLV & Co. analyst Arlinda Lee initiated coverage on

with a Buy rating and $9.00 price target. In the report, MLV & Co. noted, “We are initiating coverage of SRNE with a Buy rating and $9 price target. We believe that lead product candidate Cynviloq, a next generation paclitaxel, has a 75% chance of showing bioequivalence to CELG's Abraxane (CELG – $-159.94 - not covered), gaining FDA approval, and capturing 25% of the addressable paclitaxel market. Second product candidate resiniferatoxin (RTX), a non-opioid severe pain drug, also contributes to our probability-adjusted valuation.” Sorrento Therapeutics closed on Wednesday at $5.62.