Sorrento Therapeutics’ (SRNE) Breakout Alert: What to do Now Before It Reaches $30?

If you are looking for stocks that might have rallied strongly on Friday then it could be a good idea to take a look at the Sorrento Therapeutics (NASDAQ: SRNE) stock.

The stock rallied by as big as 19% on Friday and much of that came about after a highly bullish call from an analyst over at H.C. Wainwright. Yesterday, it emerged that the analyst has set a price target of around $30 for the Sorrento stock.

That implies gains of as much as around 275% from the closing price of the Sorrento stock on Thursday. Ram Selvaraju, the analyst stated that he expects the company to invest around $321 million combined in cell therapeutics outfit Cellurality and NantKwest.

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Additionally, he pointed out that Sorrento has also expanded its asset portfolio in three important areas, oncology, pain management, and COVID-19. Such a bullish call might keep the Sorrento stock in the radars of investors in the coming week as well.

Jack Dawkins

Finance and Tech Contributor