After B.Riley FBR and Oppenheimer gave Sorrento Therapeutics (NASDAQ: SRNE) a Buy rating last month, the company received another Buy, this time from 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 yesterday at $3.98.
According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of 0.0% and a 35.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Synergy Pharmaceuticals Inc.
Currently, the analyst consensus on Sorrento Therapeutics is a Strong Buy with an average price target of $21.67.
Based on Sorrento Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $73.86 million. In comparison, last year the company had a GAAP net loss of $2.06 million.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is neutral on the stock. Most recently, in July 2018, Henry Ji, the President of SRNE bought 6,000 shares for a total of $10,500.
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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.