- The stock price of Sorrento Therapeutics Inc (NASDAQ: SRNE) has received a price target of $30 from H.C. Wainwright. These are the details.
The stock price of Sorrento Therapeutics Inc (NASDAQ: SRNE) has received a price target of $30 from H.C. Wainwright, according to TipRanks. And H.C. Wainwright analyst Ram Selvaraju reiterated a “Buy” rating for SRNE. The price target of $30 represents a 215.78% upside from Sorrento’s closing price on Friday, January 15.
Selvaraju cited a few reasons for his bullish target price. Sorrento has a stake in 2 immunotherapy companies that could drive value to its shares in the coming months. This includes Celularity and NantKwest.
Later this year, Celularity is expected to go public through a special purpose acquisition company (SPAC) called GX Acquisition. It is estimated that Sorrento will have a $200 million position in the company when it goes public.
And NantKwest is going to merge with ImmunityBio. This deal is expected to close in the first half of this year. Sorrento has about 8.2 million shares in the company, which is estimated to be worth about $121 million based on NantKwest’s stock price.
Selvaraju also noted Sorrento’s “portfolio of assets spanning three distinct therapeutic areas (non-opioid pain management, oncology, and COVID-19).” In terms of the COVID-19 therapeutic area, Sorrento has a number of offerings in its pipeline such as two rapid detection tests. This includes COVI-STIX (Emergency Use Authorization filed in the U.S.) and COVI-TRACE. Plus Sorrento also has other COVID-19 candidates like COVIGUARD (neutralizing antibody), COVI-AMG, COVI-SHIELD, and COVIDTRAP.
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