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.
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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