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

By Carrie Williams

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Sorrento Therapeutics (SRNEResearch Report), with a price target of $30. The company’s shares closed on Friday at $2.14, close to its 52-week low of $1.80.

Selvaraju observed:

“We ascribe a value of $5.5B based on a sum- of-the-parts approach, or a price per share of $30.00, assuming 183M projected fully-diluted shares outstanding as of mid-2020.”

According to TipRanks.com, Selvaraju is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -10.6% and a 26.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Taro Pharmaceutical Industries Ltd., Biospecifics Technologies Corp, and Stealth Biotherapeutics Corp.

Sorrento Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $30.

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Based on Sorrento Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $56.76 million. In comparison, last year the company had a GAAP net loss of $73.86 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.