H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE) today and set a price target of $40. The company’s shares closed yesterday at $6.55.
Selvaraju said:
“Valuation and risks. We ascribe a value of $5B based on a sum-of- the-parts approach, or a price per share of $40.00, assuming 124M projected shares outstanding as of end-1Q 2019. The projected share count assumes conversion of all outstanding convertible notes and exercise of all warrants from the most recent financing.”
According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of -0.8% and a 40.2% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Sorrento Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $21.42, a 227.0% upside from current levels. In a report issued on June 28, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $14.25 price target.
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The company has a one-year high of $10.65 and a one-year low of $1.50. Currently, Sorrento Therapeutics has an average volume of 2.19M.
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Sorrento Therapeutics, Inc. engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates. The company was founded by Henry H. Ji in 2006 and is headquartered in San Diego, CA.
