Biopharmaceutical company Sorrento Therapeutics, Inc. (NASDAQ:SRNE) recently revealed that it has won the tender to sell its COVISTIX COVID-19 Virus Rapid Antigen Detection tests to the Mexico City Municipal Government.
Following the news, shares of the company declined 3.6% on Thursday. The stock pared its losses slightly to close at $4.35 in the extended trading session.
Sorrento’s COVISTIX Tests ensure rapid detection of asymptomatic and symptomatic infections caused by the currently circulating Omicron variant.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Sorrento stock prediction of $26 implies that the stock has upside potential of 500.5%. Shares have declined about 45.8% over the past year.
News Sentiment for SRNE is Neutral based on 7 articles over the past seven days. 50% of the articles have Bullish sentiment, compared to the sector average of 59%.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.