January 3, 2022 (Investorideas.com Newswire) H.C. Wainwright & Co. gives Sorrento Therapeutics a Buy rating after initial testing shows its COVISTIX detects COVID-19’s Omicron variant.
Sorrento Therapeutics Inc. (SRNE:NASDAQ) expects to be producing 6 million COVISTIX tests per month in Q1/22 via a fully automated assembly line, reported H.C. Wainwright & Co. analyst Ram Selvaraju. Further, the company could further increase production capacity to more than 100 million next year, if necessary.
Regarding the sale and distribution of COVISTIX in Mexico, Selvaraju indicated this newly executed second agreement is for 10 million tests. Added to the 5 million of the initial agreement, the new total is 15 million tests.
Lastly, Selvaraju noted that Sorrento has received orders for COVISTIX in Brazil, a country that COVID-19 has affected drastically. The company already began targeting other Latin American countries that import Brazilian-approved products.
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Disclosures for H.C. Wainwright & Co., Sorrento Therapeutics Inc., Dec. 28, 2021
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Raghuram Selvaraju, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Sorrento Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of November 30, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Sorrento Therapeutics, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Sorrento Therapeutics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Sorrento Therapeutics, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Sorrento Therapeutics, Inc. during the past 12 months. The Firm does not make a market in Sorrento Therapeutics, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. 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