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

H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE) today and set a price target of $40. The company’s shares closed yesterday at $5.60.

Selvaraju observed:

“We ascribe a value of $6.4B based on a sum- of-the-parts approach, or a price per share of $40.00, assuming 159M projected shares outstanding as of end-2Q 2019. The projected share count assumes conversion of all outstanding convertible notes and exercise of all outstanding options and warrants.”

According to TipRanks.com, Selvaraju is a 2-star analyst with an average return of 0.1% and a 43.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.

Sorrento Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $21.67, representing a 287.0% upside. In a report issued on August 14, B.Riley FBR also assigned a Buy rating to the stock with a $15 price target.

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The company has a one-year high of $10.65 and a one-year low of $1.60. Currently, Sorrento Therapeutics has an average volume of 1.75M.

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. Last month, Henry Ji, the President of SRNE bought 6,000 shares for a total of $10,500.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.