After having decline sharply in recent times, the Sorrento Therapeutics (NASDAQ:SRNE) stock has made an upward move this morning and jumped by 3.50%. While there is no news about the company this morning, it should be noted that the stock has tanked by 60% hitting its peak this February.
That being said, investors need to note that earlier on in the week Ram Selvaraju, an analyst at the form H.C. Wainwright, maintained the ‘buy’ rating for the Sorrento stock.
In addition to that, Selvaraju set the target price for the stock at $30, which represents a significant upside of 316.67% from the current levels of the stock at $7.2 a share. The analyst went on to add that in the second quarter of 2021, he expects Sorrento to post negative earnings per share of $0.25. Last month, Sorrento had come into focus after it published the data from the Phase 1B study of its product COVI-MSC.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.