Sorrento Therapeutics’ (SRNE) Buy Rating Reiterated at HC Wainwright

Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research note issued on Tuesday. They presently have a $35.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 297.73% from the stock’s current price.

Several other equities analysts also recently issued reports on SRNE. BidaskClub upgraded Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Finally, ValuEngine upgraded Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $14.50.

Shares of Sorrento Therapeutics (SRNE) traded up $0.05 during midday trading on Tuesday, hitting $8.80. The stock had a trading volume of 2,948,700 shares, compared to its average volume of 2,926,150. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $698.03, a P/E ratio of -21.96 and a beta of 1.94. Sorrento Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $9.55.

In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $7.19, for a total value of $1,078,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The disclosure for this sale can be found here. Insiders sold 1,215,009 shares of company stock valued at $9,185,885 over the last 90 days. 5.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gotham Asset Management LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter worth approximately $163,000. Millennium Management LLC lifted its position in Sorrento Therapeutics by 127.3% in the fourth quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock worth $4,773,000 after purchasing an additional 703,505 shares during the period. MYDA Advisors LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter worth approximately $114,000. Monashee Investment Management LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter worth approximately $119,000. Finally, BlackRock Inc. lifted its position in Sorrento Therapeutics by 45.0% in the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock worth $3,680,000 after purchasing an additional 300,518 shares during the period. Hedge funds and other institutional investors own 12.32% of the company’s stock.

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About Sorrento Therapeutics

Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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