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Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “outperform” rating reaffirmed by Zacks in a report released on Tuesday. They currently have a $22.50 price objective on the stock. Zacks‘s target price would indicate a potential upside of 325.33% from the stock’s previous close.

Zacks’ analyst wrote, “Sorrento is a biopharmaceutical company focused on cancer. Its lead candidate Cynviloq, a competitor to Abraxane , has advanced to the pivotal trial using 505(b)(2) pathway. The second lead program Resiniferatoxin (RTX) is in mid-stage development for cancer pain. Sorrento also owns two drug development platforms: G-MAB and antibody drug conjugates (ADCs), which target the therapeutic antibody market. Both G-MAB and ADCs have great potential for partnerships that could provide near term revenue for the Company. We are optimistic about the prospect of Sorrento and rate its shares Outperform. “

Separately, analysts at MLV & Co
initiated coverage on shares of Sorrento Therapeutics in a research note on Wednesday, June 18th. They set a “buy” rating and a $9.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus target price of $20.63.

Sorrento Therapeutics (NASDAQ:SRNE) traded up 1.51% during mid-day trading on Tuesday, hitting $5.37. 21,515 shares of the company’s stock traded hands. Sorrento Therapeutics has a 1-year low of $4.75 and a 1-year high of $16.40. The stock’s 50-day moving average is $5.78 and its 200-day moving average is $8.56. The company’s market cap is $123.8 million.

Sorrento Therapeutics (NASDAQ:SRNE) last released its earnings data on Friday, May 23rd. The company reported ($0.44) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.29) by $0.15. Analysts expect that Sorrento Therapeutics will post $-1.53 EPS for the current fiscal year.

Sorrento Therapeutics, Inc (NASDAQ:SRNE) is a development stage biopharmaceutical company focused on the discovery, development and commercialization of biotherapeutics for the treatment of a variety of disease conditions, including cancer, inflammation, metabolic and infectious diseases.

To view Zacks’ full report, visit Zacks’ official website.

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