Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report issued on Monday. They presently have a $40.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 451.72% from the company’s current price.
The analysts wrote, “We draw investors’ attention to the decision in late May by Johnson & Johnson (JNJ; not rated) to halt two trials of daratumumab (dara), an anti-CD38 monoclonal antibody, which was being tested in combination with checkpoint inhibitors (CIs). Committee (DMC) recommended that the Phase 1b/2 study (CALLISTO/LUC2001) of dara in combination with Tecentriq (atezolizumab) vs. Tecentriq monotherapy in patients with previously-treated advanced or metastatic non-small cell lung cancer (NSCLC) should be terminated. Tecentriq is a humanized monoclonal antibody against programmed cell death-ligand 1 (PD-L1). In addition, the Phase 1 MMY2036 study of dara plus JNJ-63723283, an anti PD-1 antibody, in patients with multiple myeloma is being discontinued.””
Several other equities research analysts also recently weighed in on the company. BidaskClub downgraded Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 6th. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. Finally, TheStreet upgraded Sorrento Therapeutics from a “d” rating to a “c-” rating in a report on Friday, April 13th. Seven equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average price target of $15.75.
Shares of Sorrento Therapeutics opened at $7.25 on Monday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.71 and a current ratio of 0.71. Sorrento Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $10.65.
Hedge funds and other institutional investors have recently modified their holdings of the company. Monashee Investment Management LLC purchased a new stake in shares of Sorrento Therapeutics in the fourth quarter worth approximately $119,000. Gotham Asset Management LLC bought a new position in Sorrento Therapeutics in the fourth quarter worth approximately $163,000. Tibra Equities Europe Ltd bought a new position in Sorrento Therapeutics in the first quarter worth approximately $781,000. MYDA Advisors LLC bought a new position in Sorrento Therapeutics in the fourth quarter worth approximately $114,000. Finally, GSA Capital Partners LLP bought a new position in Sorrento Therapeutics in the first quarter worth approximately $1,213,000. Hedge funds and other institutional investors own 25.02% of the company’s stock.
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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.
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