Sorrento Therapeutics (NASDAQ:SRNE) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Sorrento Therapeutics (NASDAQ:SRNE) from a hold rating to a sell rating in a research note published on Thursday morning, Zacks.com reports.

According to Zacks, “Sorrento Therapeutics, Inc. is a biopharmaceutical company. It is focused primarily on the acquisition, discovery, development and commercialization of proprietary oncology therapeutics. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease and infectious disease. Sorrento Therapeutics, Inc. is based in San Diego, California. “

SRNE has been the topic of a number of other research reports. HC Wainwright restated a buy rating and issued a $30.00 price objective on shares of Sorrento Therapeutics in a research report on Monday, August 12th. ValuEngine upgraded shares of Sorrento Therapeutics from a hold rating to a buy rating in a research report on Thursday, August 1st. Finally, BidaskClub cut shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $17.33.

SRNE stock opened at $2.10 on Thursday. The firm’s 50-day moving average price is $2.40 and its two-hundred day moving average price is $3.06. Sorrento Therapeutics has a 12-month low of $1.80 and a 12-month high of $6.50. The stock has a market capitalization of $294.70 million, a price-to-earnings ratio of -1.09 and a beta of 2.34. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 5.05.

Several institutional investors and hedge funds have recently made changes to their positions in SRNE. Mercer Global Advisors Inc. ADV bought a new stake in shares of Sorrento Therapeutics during the 1st quarter valued at about $30,000. Jane Street Group LLC bought a new stake in shares of Sorrento Therapeutics during the 2nd quarter valued at about $32,000. Centaurus Financial Inc. boosted its stake in shares of Sorrento Therapeutics by 20,830.2% during the 2nd quarter. Centaurus Financial Inc. now owns 18,000 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 17,914 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Sorrento Therapeutics by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 23,595 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Sorrento Therapeutics by 191.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 38,372 shares of the biopharmaceutical company’s stock valued at $102,000 after purchasing an additional 25,200 shares in the last quarter. 17.62% of the stock is currently owned by hedge funds and other institutional investors.

About Sorrento Therapeutics

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 offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

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