UPDATE: Roth Capital Starts Sorrento Therapeutics (SRNE) at Buy
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(Updated - October 3, 2016 9:07 AM EDT)
Roth Capital initiated coverage on Sorrento Therapeutics (NASDAQ: SRNE) with a Buy rating and a price target of $15, implying upside of 93.8%. Analyst Joseph Pantginis sees opportunity to for its businesses to move significantly forward over the next 12 month.
"Sorrento has amassed a broad set of technology platforms, subsidiaries and assets. We believe it is an opportune time to embrace the investment case as the company is positioned to significantly increase focus on its programs as well as continue its efforts to monetize its multiple subsidiaries," said Pantginis.
"Based on the depth of the company's platforms and assets, we believe it is an opportune time to embrace the investment case as the company will significantly increase focus on its programs. In order to further monetize the company’s assets, it will continue to, 1) Link with research collaborations, 2) Provide technology to others to validate candidates in specific geographies and 3) Enter partnerships for candidates where appropriate," added the analyst.
Shares of Sorrento Therapeutics closed at $7.74 yesterday.
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