H.C. Wainwright Thinks Sorrento Therapeutics’ Stock is Going to Recover


In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Sorrento Therapeutics (SRNE), with a price target of $40. The company’s shares closed yesterday at $2.31, close to its 52-week low of $1.95.

Selvaraju noted:

“We ascribe a value of $6.3B based on a sum- of-the-parts approach, or a price per share of $40.00, assuming 157M projected fully-diluted shares outstanding as of end-2019.”

According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -17.4% and a 22.6% 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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The company has a one-year high of $10.65 and a one-year low of $1.95. Currently, Sorrento Therapeutics has an average volume of 1.53M.

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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.

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