Sorrento Therapeutics Inc (NASDAQ:SRNE) Given Consensus Rating of “Hold” by Brokerages

Sorrento Therapeutics Inc (NASDAQ:SRNE) has received an average rating of “Hold” from the seven research firms that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $20.67.

Several research analysts have recently weighed in on SRNE shares. HC Wainwright set a $40.00 price target on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Friday, March 22nd. B. Riley lifted their price target on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. BidaskClub cut shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Finally, Zacks Investment Research cut shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd.

Several institutional investors have recently modified their holdings of SRNE. Metropolitan Life Insurance Co NY boosted its position in Sorrento Therapeutics by 9.7% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 33,137 shares of the biopharmaceutical company’s stock valued at $157,000 after buying an additional 2,926 shares during the period. Kore Private Wealth LLC acquired a new position in Sorrento Therapeutics during the 1st quarter valued at approximately $102,000. Baker Avenue Asset Management LP acquired a new position in Sorrento Therapeutics during the 1st quarter valued at approximately $47,000. Geode Capital Management LLC increased its stake in Sorrento Therapeutics by 26.6% during the 1st quarter. Geode Capital Management LLC now owns 1,330,747 shares of the biopharmaceutical company’s stock valued at $6,321,000 after purchasing an additional 279,867 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Sorrento Therapeutics by 9.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 75,718 shares of the biopharmaceutical company’s stock valued at $360,000 after purchasing an additional 6,411 shares in the last quarter. Institutional investors and hedge funds own 18.66% of the company’s stock.

Shares of SRNE stock opened at $2.95 on Friday. Sorrento Therapeutics has a 12-month low of $1.80 and a 12-month high of $7.65. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.54 and a current ratio of 1.60. The company has a market capitalization of $349.27 million, a P/E ratio of -1.54 and a beta of 2.66.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

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