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Sorrento Therapeutics' Stock Price Continues to Climb

Ambrish Shah - Author
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Aug. 11 2020, Updated 12:12 p.m. ET

Sorrento Therapeutics stock reached a new 52-high of $19.39 on Monday. The stock rose 30.5 percent and closed at $18.82 with a market capitalization of $4.6 billion. Sorrento Therapeutics stock has risen by 92.6 percent in the last five days and 779.4 percent in the trailing 12-month period.

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What is Sorrento Therapeutics' stock price?

Sorrento Therapeutics stock is trading 2.9 percent below its 52-week high of $19.39 and 1,254.0 percent above its 52-week low of $1.39. Year-to-date, the stock had risen by 456.8 percent as of Monday.

On May 15, Sorrento Therapeutics stock rose 158 percent after the company said that it found a cure for the coronavirus outbreak. However, the stock bottomed out at $3.82 on June 4 due to questions about the accuracy of its claim.

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What is Sorrento Therapeutics?

Sorrento Therapeutics is a biotechnology company. Shares of Sorrento Therapeutics have been rising since July 24. The company announced that it plans to purchase SmartPharm Therapeutics, which is a COVID-19 therapy developer. The financial terms of the agreement were not made public.

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In the press release, Sorrento Therapeutics CEO Henry Ji said, “We are very encouraged by the preclinical data generated thus far by our STI-1499 neutralizing antibody against COVID-19.” He also said, “We are excited about the prospect of leveraging SmartPharm's Gene Mab platform in combination with our G-MAB library to produce next-generation gene-encoded antibody candidates against a host of pathogens and cancer cell types.”

sorrento therapeutics stock
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On July 29, Sorrento Therapeutics announced that it entered into a licensing agreement with Columbia University for the rights to a rapid test that detects the COVID-19 virus in saliva in less than 30 minutes.

In the second quarter, Sorrento Therapeutics reported an EPS of -$0.34 compared to -$0.46 in the second quarter of 2019. The EPS missed analysts’ consensus estimate of -$0.22. Sorrento Therapeutics generated sales of $9.0 million in the second quarter, which was 39.1 percent higher than the second quarter of 2019. The company beat analysts’ consensus sales estimate of $8.0 million.

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Sorrento Therapeutics' stock forecast

Currently, Sorrento Therapeutics stock is being tracked by two Wall Street analysts. Both of the analysts covering the biotechnology company have a buy rating on the stock. None of the analysts recommend a sell. Their 12-month mean target price for Sorrento Therapeutics stock is $25.00, which is 32.8 percent higher than its price on Monday. Analysts' target price for the stock has risen from $23.00 in July—a growth of 8.7 percent.

On July 31, Raghuram Selvaraju of H.C. Wainwright increased its target price on Sorrento Therapeutics stock from $24 to $30. However, the analyst reiterated his buy rating on the stock.

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