UPDATE: Aegis Capital Initiates Coverage On Sorrento Therapeutics On RTX-100

In a report published Tuesday, Aegis Captial analyst Raghuram Selvaraju initiated a Buy rating on Sorrento Therapeutics (NASDAQ: SRNE) and a price target of $40.00.

In the report, Aegis Capital says "We are initiating coverage of Sorrento Therapeutics, Inc., with a Buy rating and an 18-month price target of $40.00 per share. In our view, Sorrento is a unique combination - a firm with a risk-mitigated lead asset that could have a rapid path to commercialization in the U.S. via the 505(b)(2) pathway; a novel pain drug, RTX-100, with applicability in both humans and companion animals; and an industry-leading antibody platform."

Sorrento Therapeutics closed on Tuesday at $8.50.