There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on Sorrento Therapeutics (NASDAQ:SRNE) and Adamis Pharma (NASDAQ:ADMP) with bullish sentiments.
Sorrento Therapeutics (SRNE)
H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento Therapeutics today and set a price target of $40. The company’s shares closed on Friday at $4.95.
Selvaraju observed:
“We ascribe a value of $6.4B based on a sum-of-the-parts approach, or a price per share of $40.00, assuming 159M projected shares outstanding as of end-2Q 2019. The projected share count assumes conversion of all outstanding convertible notes and exercise of all outstanding options and warrants. Risks include, but are not limited to: (1) slower-than-anticipated clinical development; (2) negative trial data; (3) adverse regulatory decisions; and (4) inability to execute validating corporate partnerships.”
According to TipRanks.com, Selvaraju is a 4-star analyst with an average return of 3.6% and a 47.1% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Currently, the analyst consensus on Sorrento Therapeutics is a Strong Buy with an average price target of $21.67.
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Adamis Pharma (ADMP)
In a report released today, Jason Kolbert from H.C. Wainwright maintained a Buy rating on Adamis Pharma, with a price target of $7. The company’s shares closed on Friday at $3.05.
Kolbert said:
“Our valuation is based on our product models, which feed into our income statement through the year 2025. In our clinical- stage product models, we apply a success probability to our revenue projections for conservatism. For the early stage products, we apply 50%.”
According to TipRanks.com, Kolbert has 0 stars on 0-5 star ranking scale with an average return of -2.9% and a 37.5% success rate. Kolbert covers the Healthcare sector, focusing on stocks such as Cytori Therapeutics Inc, Anavex Life Sciences, and Coherus Biosciences.
Adamis Pharma has an analyst consensus of Strong Buy, with a price target consensus of $9.67.
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