BidaskClub Lowers Sorrento Therapeutics (NASDAQ:SRNE) to Hold

BidaskClub downgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a buy rating to a hold rating in a report issued on Wednesday, BidAskClub reports.

Several other research analysts have also weighed in on SRNE. ValuEngine lowered Sorrento Therapeutics from a buy rating to a hold rating in a report on Thursday, July 2nd. HC Wainwright lifted their target price on Sorrento Therapeutics from $24.00 to $30.00 and gave the stock a buy rating in a report on Friday, July 31st. Finally, Zacks Investment Research upgraded Sorrento Therapeutics from a hold rating to a buy rating and set a $9.00 target price on the stock in a report on Saturday, August 29th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $21.00.

NASDAQ:SRNE opened at $8.08 on Wednesday. Sorrento Therapeutics has a 12-month low of $1.45 and a 12-month high of $19.39. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $2.11 billion, a P/E ratio of -4.96 and a beta of 2.61. The stock’s fifty day simple moving average is $9.15 and its 200-day simple moving average is $6.98.

Sorrento Therapeutics (NASDAQ:SRNE) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The business had revenue of $9.01 million for the quarter, compared to analyst estimates of $7.90 million. Sorrento Therapeutics had a negative return on equity of 490.67% and a negative net margin of 760.19%. As a group, equities research analysts expect that Sorrento Therapeutics will post 5.13 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Sorrento Therapeutics by 48.7% in the 2nd quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company’s stock valued at $61,344,000 after purchasing an additional 3,200,338 shares during the period. Cormorant Asset Management LP boosted its holdings in shares of Sorrento Therapeutics by 30.0% during the second quarter. Cormorant Asset Management LP now owns 6,500,000 shares of the biopharmaceutical company’s stock worth $40,820,000 after acquiring an additional 1,500,000 shares during the period. State Street Corp boosted its holdings in shares of Sorrento Therapeutics by 0.6% during the first quarter. State Street Corp now owns 2,301,587 shares of the biopharmaceutical company’s stock worth $4,235,000 after acquiring an additional 14,674 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Sorrento Therapeutics by 7.0% during the first quarter. Geode Capital Management LLC now owns 1,830,666 shares of the biopharmaceutical company’s stock worth $3,368,000 after acquiring an additional 120,452 shares during the period. Finally, Coatue Management LLC bought a new stake in shares of Sorrento Therapeutics during the second quarter worth approximately $8,478,000. 24.09% of the stock is currently owned by hedge funds and other institutional investors.

Sorrento Therapeutics Company Profile

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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