Co.’s COVID-19 Test Detects Omicron Variant

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).
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