H.C. Wainwright Sticks to Their Buy Rating for Sorrento Therapeutics (SRNE)


In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Sorrento Therapeutics (SRNE), with a price target of $24.00. The company’s shares closed last Wednesday at $4.57.

According to TipRanks.com, Selvaraju is a top 100 analyst with an average return of 28.9% and a 60.9% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Taro Pharmaceutical Industries, Turning Point Therapeutics, and Black Diamond Therapeutics.

Sorrento Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $24.00.

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Based on Sorrento Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $7.72 million and GAAP net loss of $65.2 million. In comparison, last year the company earned revenue of $6.14 million and had a GAAP net loss of $108 million.

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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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