Sorrento Therapeutics (NASDAQ:SRNE) Upgraded by BidaskClub to Buy

Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, March 14th.

Other analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Sorrento Therapeutics in a report on Thursday, February 1st. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. Finally, Oppenheimer set a $6.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a report on Wednesday, November 15th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Sorrento Therapeutics currently has an average rating of “Buy” and a consensus target price of $15.33.

How to Become a New Pot Stock Millionaire

Shares of Sorrento Therapeutics stock traded up $0.30 during trading on Wednesday, reaching $5.70. 3,230,801 shares of the stock were exchanged, compared to its average volume of 4,465,423. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.03. The firm has a market cap of $518.86, a P/E ratio of -5.00 and a beta of 2.43. Sorrento Therapeutics has a 1 year low of $1.50 and a 1 year high of $10.65.

In related news, major shareholder Abg Management Ltd sold 150,000 shares of the stock in a transaction dated Wednesday, February 7th. The shares were 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 is available through this hyperlink. Also, insider George K. Ng purchased 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was bought at an average cost of $9.95 per share, with a total value of $895,500.00. Following the completion of the purchase, 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 sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Sorrento Therapeutics by 25.3% during the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after purchasing an additional 389,258 shares in the last quarter. Millennium Management LLC increased its stake 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 valued at $4,773,000 after purchasing an additional 703,505 shares in the last quarter. BlackRock Inc. increased its stake 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 valued at $3,680,000 after purchasing an additional 300,518 shares in the last quarter. JPMorgan Chase & Co. increased its stake 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 valued at $129,000 after purchasing an additional 44,294 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Sorrento Therapeutics by 62.8% during the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 21,064 shares in the last quarter. 11.57% of the stock is owned by institutional investors and hedge funds.

WARNING: “Sorrento Therapeutics (NASDAQ:SRNE) Upgraded by BidaskClub to Buy” was reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece of content on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/04/08/sorrento-therapeutics-srne-lifted-to-buy-at-bidaskclub.html.

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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply