After H.C. Wainwright and Oppenheimer gave Sorrento Therapeutics (NASDAQ: SRNE) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Andrew D’silva assigned a Buy rating to Sorrento Therapeutics yesterday and set a price target of $15. The company’s shares opened today at $5.35.
D’silva noted:
“We base our $15.00 PT on an SOTP and value SRNE’s IO platform at ~$10.80/share; pain management, animal health, and manufacturing segments at ~$2.70/share; and investment in Celularity and cash/non-controlling interest at ~$1.50/share (see Exhibit 1). Valuation Assumptions $000s except per share data.”
According to TipRanks.com, D’silva is a 5-star analyst with an average return of 29.0% and a 58.1% success rate. D’silva covers the Healthcare sector, focusing on stocks such as Cumberland Pharmaceuticals Inc., Oramed Pharmaceuticals, and Kindred Biosciences.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sorrento Therapeutics with a $21.67 average price target, which is a 305.0% upside from current levels. In a report issued on August 29, H.C. Wainwright also reiterated a Buy rating on the stock with a $40 price target.
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The company has a one-year high of $10.65 and a one-year low of $1.67. Currently, Sorrento Therapeutics has an average volume of 1.71M.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SRNE in relation to earlier this year. 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.
