Analysts Offer Insights on Healthcare Companies: Sorrento Therapeutics (NASDAQ: SRNE) and Aptevo Therapeutics Inc (NASDAQ: APVO)

By Jason Carr

There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on Sorrento Therapeutics (NASDAQ:SRNE) and Aptevo Therapeutics Inc (NASDAQ:APVO) with bullish sentiments.

Sorrento Therapeutics (SRNE)

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 on Friday at $5.40.

Selvaraju wrote:

“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 ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -3.0% and a 35.4% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.

Currently, the analyst consensus on Sorrento Therapeutics is a Strong Buy with an average price target of $21.42, implying a 296.7% upside from current levels. In a report issued on August 10, Oppenheimer also assigned a Buy rating to the stock with a $10 price target.

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Aptevo Therapeutics Inc (APVO)

Roth Capital analyst Jotin Marango reiterated a Buy rating on Aptevo Therapeutics Inc today and set a price target of $12. The company’s shares closed on Friday at $4.83.

According to TipRanks.com, Marango is a 4-star analyst with an average return of 18.5% and a 47.2% success rate. Marango covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals Inc, Stemline Therapeutics Inc, and Actinium Pharmaceuticals.

Currently, the analyst consensus on Aptevo Therapeutics Inc is a Moderate Buy with an average price target of $11.50, representing a 138.1% upside. In a report issued on August 10, Piper Jaffray also reiterated a Buy rating on the stock with a $11 price target.

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