There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on Sorrento Therapeutics (NASDAQ:SRNE) and Dicerna Pharma (NASDAQ:DRNA) with bullish sentiments.
Sorrento Therapeutics (SRNE)
In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Sorrento Therapeutics, with a price target of $40. The company’s shares closed yesterday at $4.95.
Selvaraju wrote:
“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.”
According to TipRanks.com, Selvaraju is a 3-star analyst with an average return of 1.7% and a 45.0% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Sorrento Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $21.67, representing a 337.8% upside. In a report issued on September 10, B.Riley FBR also assigned a Buy rating to the stock with a $15 price target.
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Dicerna Pharma (DRNA)
H.C. Wainwright analyst Ed Arce maintained a Buy rating on Dicerna Pharma today and set a price target of $20. The company’s shares closed yesterday at $15.43, close to its 52-week high of $17.50.
According to TipRanks.com, Arce is a 5-star analyst with an average return of 20.3% and a 44.0% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Melinta Therapeutics Inc, and Collegium Pharmaceutical.
Dicerna Pharma has an analyst consensus of Strong Buy, with a price target consensus of $20.50, implying a 32.9% upside from current levels. In a report issued on September 5, Cowen & Co. also maintained a Buy rating on the stock.
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