Sorrento Therapeutics Inc (SRNE)

[Atlanta1]

06:52
SRNE
Sorrento Therapeutics target raised to $30 at H.C. Wainwright (8.55)
H.C. Wainwright raises their SRNE tgt to $30 from $24. Analyst Raghuram Selvaraju said, "In a press release earlier this week, Sorrento Therapeutics announced that it has entered into a licensing agreement with Columbia University for the rights to a rapid, one-step diagnostic test that detects SARSCoV-2 virus in as little as 30 minutes from a sample of saliva...We reiterate our Buy rating, while raising our 12-month price target to $30 from the prior $24 per share. This reflects our incorporation of contributions from both the COVI-TRACE and COVITRACK diagnostic tests for COVID-19 into our forecasts. As a reminder, COVI-TRACK is Sorrento's antibody testing platform that can detect both IgG and IgM antibodies against the SARS-CoV-2 virus. We expect Sorrento to receive Emergency Use Authorization (EUA) from the FDA for both COVI-TRACE and COVI-TRACK within the coming weeks—the company has filed for EUA certification for COVI-TRACK and we expect it to do the same for COVI-TRACE imminently. "