GXGX - Sorrento could nearly quadruple in value: analyst

After a ~9.9% rise in value yesterday, Sorrento Therapeutics (SRNE) has added another ~8.9% so far today, and an analyst from H.C. Wainwright estimates a price target of ~$30 for the stock, implying a ~275.0% upside to yesterday’s close.The analyst Ram Selvaraju projects $321M in total for Sorrento’s investments in Celularity, a clinical-stage cell therapeutics company, and NantKwest (NK), which recently climbed in value in response to impressive mid-stage trial data in advanced pancreatic cancer.Once merged with GX Acquisition Corp. (GXGX) to go public, the stake at Celularity will be worth $200M Ram estimates, adding another $121M for the investment in NantKwest based on its current share price.The analyst also highlights Sorrento’s “burgeoning portfolio of assets spanning three distinct therapeutic areas (non-opioid pain management, oncology, and COVID-19).”Late December, Sorrento filed the Emergency Use Authorization ("EUA") application for its COVI-STIX rapid diagnostic test for the detection of the SARS-CoV-2 virus.

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Sorrento could nearly quadruple in value: analyst