TheStreet Upgrades Sorrento Therapeutics (SRNE) to C-

Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by equities researchers at TheStreet from a “d” rating to a “c-” rating in a research report issued to clients and investors on Friday.

Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, March 29th. ValuEngine raised shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, April 4th. Finally, HC Wainwright set a $40.00 price objective on shares of Sorrento Therapeutics and gave the company a “buy” rating in a report on Thursday, April 12th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $15.33.

How to Become a New Pot Stock Millionaire

SRNE opened at $6.50 on Friday. Sorrento Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $10.65. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.38 and a quick ratio of 0.38. The firm has a market capitalization of $532.51, a price-to-earnings ratio of -5.70 and a beta of 2.44.

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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Abg Management Ltd sold 310,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $7.64, for a total transaction of $2,368,400.00. The disclosure for this sale can be found here. Insiders sold 1,215,009 shares of company stock valued at $9,185,885 in the last ninety days. 5.00% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in SRNE. Dimensional Fund Advisors LP increased its stake in shares of Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 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 worth $129,000 after purchasing an additional 44,294 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $200,000. Alambic Investment Management L.P. purchased a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $151,000. 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 worth $207,000 after purchasing an additional 21,064 shares in the last quarter. 11.14% of the stock is owned by institutional investors and hedge funds.

WARNING: This news story was originally published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this news story on another publication, it was illegally copied and republished in violation of U.S. & international copyright and trademark law. The original version of this news story can be read at https://www.dispatchtribunal.com/2018/04/17/thestreet-upgrades-sorrento-therapeutics-srne-to-c.html.

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 develops therapeutic products for the treatment of auto-immune, inflammatory, neurodegenerative, 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