Sorrento Therapeutics (SRNE) enjoyed yet another stellar day. Sure, there have been plenty of good weeks so far in 2020 – shares are up by a resounding 190% year-to-date. And according to H.C. Wainwright analyst Ram Selvaraju, there’s plenty more to come.Selvaraju reiterated a Buy rating on SRNE shares and boosted his price target to $30. If the market plays nice with Selvaraju’s forecast, investors could be adding a massive 207% to their portfolios over the next 12 months. (To watch Selvaraju’s track record, click here)That’s an extremely bullish call, so what lies behind it? Last week, Sorrento announced it had inked a licensing deal with Columbia University for an innovative new COVID-19 test. The university has given Sorrento the rights to a fast, one-step diagnostic test that samples saliva and can detect the SARS-CoV-2 virus in 30 minutes.COVI-TRACE – the test’s name – will be marketed by Sorrento. What sets it apart from other diagnostic products is that all testing materials are held in a single tube, eliminating the need for any laboratory equipment. The advantages are obvious, as this means the test is mobile and can be used in various settings – either on site, for point-of-care or even for home testing.With the number of COVID-19 cases spiking, laboratories across the country are finding it difficult to meet the demand. As a result of the current backlog, average turnaround times for test results are reportedly between several days to over a week. Selvaraju expects Sorrento to file for EUA certification immediately. The 5-star analyst said, “We believe that the incentive to facilitate the large-scale and indeed ubiquitous deployment of the COVI-TRACE test is extremely high and governments worldwide may seek to implement this in their respective regions. Our current assumptions viewed in this context may be considered conservative—we utilize a $15 price per test (payable on a cash basis, which obviates the reimbursement part of the equation) and anticipate that roughly 56.5 million such tests could be conducted at peak annually, resulting in total sales of roughly $1 billion."Overall, only one other analyst has thrown the hat in with a review of the high-flying biotech over the past three months. The extra Buy provides Sorrento with a Moderate Buy consensus rating. At $27, the average price target implies upside potential of 181%. (See Sorrento stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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Shares of Virgin Galactic Holdings slipped as much as 9% on Monday following the release of its second-quarter results, which fell below investors’ expectations. The company announced that it would be offering an additional 20.5 million in shares to raise about $460 million. Yahoo Finance’s Jared Blikre breaks down the company’s quarterly report on The Final Round.

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Moderna Inc (NASDAQ: MRNA) initiated a large-scale Phase 3 study of its coronavirus vaccine candidate in mid-July.An analyst at Jefferies conducted a statistical analysis of the study design to arrive at the likely timing of the data readout — whether they think the study will achieve statistical significance.The Moderna Analyst: Michael Yee has a Buy rating on Moderna with a $90 price target. Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.The Moderna Thesis: Fast enrollment and the above-average infection rate in hot spots will drive a 70% probability of Moderna having preliminary late-stage data by October/November, Yee said in a Monday note. (See his track record here.)"Based on our statistical model, we could be in for a 'Halloween Treat' with data achieving statistical significance potentially as early as October," the analyst said.The company's Phase 3 study has a 65% chance of working, with an October readout followed by Emergency Use Authorization by end of 2020, in his view. These catalytic events could pave the way for the unlocking of multi-billion-dollar sales potential, Yee said.The analyst said he sees risks such as slowing infection rates in hot spots, low efficacy and competition from others by early 2021.In a fast enrollment/high incidence rate scenario, if the drug efficacy is 50%-60%-plus, the study would hit with a p-value less than 0.0001 by Oct. 29, he said. With a more conservative enrollment or infection rate, statistical significance could be hit study goals by mid-November to December, Yee said. Other variables that could push the timing are a more efficacious vaccine that could slow events; and the inability to meet the FDA guidance of statistical success that also includes the lower bound of the confidence interval of less than 30%, Yee said."Thus, there is a possibility the study achieves the 50-60% point estimate on efficacy but does not yet meet the "lower bound CI hurdle" which would necessitate the need for more patients and events to detect a difference."MRNA Price Action: At last check, Moderna shares were trading 3.51% higher to $76.70. Related Links:The Week Ahead In Biotech: Novavax Coronavirus Vaccine Readout, FDA Decisions And More Earnings Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates Latest Ratings for MRNA DateFirmActionFromTo Jul 2020SVB LeerinkInitiates Coverage OnMarket Perform Jul 2020JP MorganDowngradesOverweightNeutral Jul 2020Chardan CapitalMaintainsBuy View More Analyst Ratings for MRNA View the Latest Analyst Ratings See more from Benzinga * The Week Ahead In Biotech: Novavax Coronavirus Vaccine Readout, FDA Decisions And More Earnings * Moderna Targeted By Chinese Hackers For Data Theft: Report * The Daily Biotech Pulse: Spectrum's Positive Dementia Readout, Pfizer, BioNTech Start Late-Stage Coronavirus Trial, resTORbio Receives COVID-19 Funding(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Microsoft and TikTok could prove to be each other's perfect match.

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There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two…

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The retail sector in America continues to fall apart.

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What are the best robotics and artificial intelligence stocks to buy today? In this time of uncertainty characterized by volatile market movements, economic contraction, and spiraling unemployment, finding stocks to put your money into seems like an arduous task. Some investors might think that the stock market is acting irrationally and puzzled by the quick […]

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