Sorrento stock could reach $ 30, analyst says
Major US stock indices are hovering around all-time highs, and a question that comes up frequently these days is whether the valuations of some companies could be exceeded. However, some operate on the opposite end of the spectrum and could still offer investors untapped opportunities. HC Wainwright analyst Ram Selvaraju indicates the direction of Sorrento Therapeutics (SRNE), as such company. Selvaraju rates SRNE a buy with a target price of $ 30, which implies a 275% increase from current levels. (To see Selvaraju’s record, click here) So what’s behind the optimistic outlook? Well, for starters, Sorrento has a stake in two cell immunotherapy companies that could “increase the value of Sorrento shares over the next few months.” One is Celularity, a clinical-stage cell therapy company specializing in cellular drugs for cancer, infectious diseases, and degenerative diseases. Celularity should disappear …
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