H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento Therapeutics (SRNE) today and set a price target of $40. The company’s shares closed yesterday at $5.23.
Selvaraju commented:
“We ascribe a value of $6.65B based on a sum-of-the-parts approach, or a price per share of $40.00, assuming 167M projected fully-diluted shares outstanding as of end-2019. Risks include, but are not limited to: (1) delays in running clinical trials; (2) negative trial data; (3) adverse regulatory decisions; and (4) inability to execute validating corporate partnerships. Sorrento Therapeutics, Inc.”
According to TipRanks.com, Selvaraju is ranked 0 out of 5 stars with an average return of -3.4% and a 35.6% 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 $20.17, which is a 285.7% upside from current levels. In a report issued on March 20, Oppenheimer also assigned a Buy rating to the stock with a $10 price target.
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The company has a one-year high of $8.25 and a one-year low of $1.80. Currently, Sorrento Therapeutics has an average volume of 2.07M.
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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.
