Sorrento Therapeutics (SRNE) Gets a Buy Rating from H.C. Wainwright

H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento Therapeutics (SRNEResearch Report) today and set a price target of $40. The company’s shares closed on Friday at $4.15.

Selvaraju wrote:

“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 or legal decisions; (4) inability to execute validating corporate partnerships; and (5) inability to complete a timely and appropriately-valued spinout of Scilex. Sorrento Therapeutics, Inc.”

According to TipRanks.com, Selvaraju is a 3-star analyst with an average return of 0.9% and a 38.9% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sorrento Therapeutics with a $20.17 average price target.

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Based on Sorrento Therapeutics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $49.78 million. In comparison, last year the company had a GAAP net loss of $32.57 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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