Sorrento Therapeutics (SRNE) Upgraded to Hold by ValuEngine

ValuEngine upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a sell rating to a hold rating in a report published on Wednesday morning.

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Sorrento Therapeutics from a buy rating to a hold rating in a research note on Thursday, March 29th. HC Wainwright reaffirmed a buy rating and issued a $30.00 price target on shares of Sorrento Therapeutics in a research note on Thursday, February 1st. Finally, Oppenheimer reaffirmed a buy rating and issued a $9.00 price target on shares of Sorrento Therapeutics in a research note on Friday, January 19th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $15.33.

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SRNE opened at $5.70 on Wednesday. Sorrento Therapeutics has a 1-year low of $1.50 and a 1-year high of $10.65. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $500.65, a price-to-earnings ratio of -5.00 and a beta of 2.43.

In other news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total transaction of $5,173,217.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider George K. Ng bought 90,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were acquired at an average cost of $9.95 per share, with a total value of $895,500.00. Following the completion of the transaction, the insider now owns 1,906,177 shares of the company’s stock, valued at $18,966,461.15. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of SRNE. Millennium Management LLC increased its position in shares of Sorrento Therapeutics by 127.3% during the fourth quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock worth $4,773,000 after acquiring an additional 703,505 shares in the last quarter. BlackRock Inc. increased its position in shares of Sorrento Therapeutics by 45.0% during the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock worth $3,680,000 after acquiring an additional 300,518 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $200,000. JPMorgan Chase & Co. increased its position in shares of Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 44,294 shares in the last quarter. Finally, Gotham Asset Management LLC bought a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $163,000. 11.57% of the stock is owned by institutional investors.

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Sorrento Therapeutics Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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