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.