Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Saturday.
A number of other brokerages have also recently commented on SRNE. HC Wainwright set a $40.00 price target on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Friday, July 6th. TheStreet cut shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. Finally, ValuEngine cut shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $21.08.
SRNE stock opened at $3.68 on Friday. Sorrento Therapeutics has a twelve month low of $2.15 and a twelve month high of $10.65. The stock has a market cap of $365.37 million, a P/E ratio of 28.31 and a beta of 2.19. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39.
Sorrento Therapeutics (NASDAQ:SRNE) last released its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.53). Sorrento Therapeutics had a negative return on equity of 11.88% and a negative net margin of 15.76%. The firm had revenue of $3.91 million for the quarter, compared to analyst estimates of $3.28 million. On average, sell-side analysts predict that Sorrento Therapeutics will post -1.4 earnings per share for the current fiscal year.
In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 297,568 shares of the firm’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $5.02, for a total transaction of $1,493,791.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in SRNE. BlackRock Inc. lifted its stake in Sorrento Therapeutics by 176.3% during the second quarter. BlackRock Inc. now owns 6,041,652 shares of the biopharmaceutical company’s stock worth $43,500,000 after purchasing an additional 3,854,716 shares during the period. Northern Trust Corp raised its stake in shares of Sorrento Therapeutics by 542.9% in the second quarter. Northern Trust Corp now owns 1,003,650 shares of the biopharmaceutical company’s stock valued at $7,226,000 after acquiring an additional 847,548 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Sorrento Therapeutics by 19,948.0% in the first quarter. Wells Fargo & Company MN now owns 501,200 shares of the biopharmaceutical company’s stock valued at $2,581,000 after acquiring an additional 498,700 shares during the last quarter. UBS Group AG raised its stake in shares of Sorrento Therapeutics by 1,804.6% in the first quarter. UBS Group AG now owns 442,058 shares of the biopharmaceutical company’s stock valued at $2,276,000 after acquiring an additional 418,848 shares during the last quarter. Finally, Vident Investment Advisory LLC bought a new position in shares of Sorrento Therapeutics in the second quarter valued at approximately $2,461,000. Hedge funds and other institutional investors own 24.93% 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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