Sorrento Therapeutics Inc (SRNE)

[CharlesNet]

SRNE up 596% per Motley Fool…
Sorrento Therapeutics: A galaxy's worth of value drivers
Shares of Sorrento Therapeutics are presently down by a jaw-dropping 80% from their 52-week high. Wall Street, though, thinks this beaten-down biotech stock could rise as much as 596% over the next 12 months.

What's behind Wall Street's bullish forecast? A few things. First up, Sorrento is on the cusp of building out a robust product franchise for COVID. Keeping with this theme, the biotech already has an Emergency Use Authorization for its Covistix test in Mexico. This high-value franchise ought to net multiple additional product approvals over the course of 2022.

Next up, Sorrento's pipeline now harbors a potential franchise-level drug with its recently acquired immunotherapy abivertinib. The highlight here is that the drug posted exceptionally strong efficacy in advanced non-small cell lung cancer, an indication that could garner blockbuster-level sales within a few short years. What's more, Sorrento is gearing up for trials of abivertinib in a broad range of high-dollar indications such as lupus, multiple sclerosis, prostate cancer, and graft-versus-host disease. Abivertinib, in turn, might eventually morph into a mega-blockbuster drug (greater than $5 billion in annual sales).

All things considered, Sorrento's hefty downturn doesn't appear to be warranted. Bargain hunters, therefore, might want to capitalize on the stock's recent weakness.