Stock News Recap: Blink Charging (NASDAQ:BLNK), Sorrento Therapeutics (NASDAQ:SRNE)
The major indices begin the session with small gains. The S&P 500 is up 0.1%, the Nasdaq Composite is up 0.1%, and the Dow Jones Industrial Average is up 0.3%. Following are the top two notable movers.
Sorrento Therapeutics (NASDAQ:SRNE) stock is up 4% after the company announces publication of significant positive pivotal trial results of abivertinib for the treatment of non-small cell lung cancer (6.36)
In this pivotal study conducted in China, 227 heavily pretreated NSCLC patients were enrolled and among 209 response evaluable patients, confirmed overall response rate (ORR) was 52.2%. Disease control rate (DCR) was 88.0%. The median duration of response (DoR) and progression-free survival (PFS) was 8.5 months and 7.5 months, respectively. The median overall survival (OS) was 24.9 months.
Based on these significant treatment benefits that Abivertinib achieved in a heavily pretreated population, Sorrento is conducting an independent review process with more mature long-term data and will request a pre-NDA meeting with the FDA upon completion.
Blink Charging (NASDAQ:BLNK) is blinking green today as the electric vehicle (EV) charging equipment company reported a surprisingly strong Q3 report last night and made positive comments on the recently passed infrastructure bill.
BLNK reported a slightly larger-than-expected loss, but we do not think that matters too much because BLNK is not going to be profitable for years. It’s not why investors are intrigued with the company. The more important metric was revenue, which surged more than 600% yr/yr to $6.40 mln, which was a good bit better than expected. The company generates revenue from both product sales and services.
Deployment data is an important metric and the company did well on that front with 3,016 charging stations contracted or sold in Q3, up 351% yr/yr. What’s different about BLNK is that it deploys an owner-operator business model, meaning it not only installs and maintains the charging equipment, but it also benefits from its ongoing utilization, which will generate recurring revenue down the line.
Blink noted some important wins in Q3, including a $12.5 mln grant from Florida to deploy 52 DC Fast Chargers at 25 locations along Florida’s major interstate highways. Blink also partnered with San Antonio to deploy 202 Blink-owned Level 2 charging stations and 3 DC Fast Chargers throughout the city. It also expanded Blink Mobility’s BlueLA car sharing program in Los Angeles to deploy and operate 300 additional charging stations, bringing the total to 500 stations across 100 locations.