Sorrento Therapeutics Inc (SRNE)

[rinoo]

Shares of Sorrento Therapeutics (SRNE Stock Report) soared more than 1000% since the market crash before consolidation on Tuesday. Sure, there have been plenty of good weeks so far this year. And according to H.C. Wainwright analyst Ram Selvaraju, there's more upside potential in this stock. The top analyst reiterated a buy rating on SRNE stock and boosted his target price from $24 to $30. That said, his new target price represents a potential 110% increase based on Tuesday's closing price of $14.09

Back in June, the company also mentioned that it had designed a potential antidote for COVID-19, STI-4398. This is a protein which could inhibit the ability of the novel coronavirus to infect certain cells in the respiratory tract. But there hasn't been any major update about the potential treatment thus far.

At the end of July, the company said it had licensed a test from Columbia University. The new coronavirus test reportedly detected the COVID-19 in little as 30 minutes using saliva samples rather than unpleasant nasal swabs. The company is marketing the test under the name COVI-TRACE. This news contributed to another rally in Sorrento's stock price recently. After all, it is not surprising that investors are optimistic about the huge market opportunity for this diagnostic test. The question is, will the rally continue this month?