Virtus ETF Advisers LLC Reduces Holdings in Sorrento Therapeutics Inc (NASDAQ:SRNE)

Virtus ETF Advisers LLC lowered its stake in shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) by 21.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,682 shares of the biopharmaceutical company’s stock after selling 23,079 shares during the period. Virtus ETF Advisers LLC owned 0.07% of Sorrento Therapeutics worth $226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC boosted its stake in Sorrento Therapeutics by 1.8% during the second quarter. Parametric Portfolio Associates LLC now owns 312,406 shares of the biopharmaceutical company’s stock worth $834,000 after buying an additional 5,608 shares during the last quarter. Northern Trust Corp lifted its stake in Sorrento Therapeutics by 1.3% during the 2nd quarter. Northern Trust Corp now owns 1,351,188 shares of the biopharmaceutical company’s stock worth $3,607,000 after acquiring an additional 17,230 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Sorrento Therapeutics by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 453,057 shares of the biopharmaceutical company’s stock worth $1,210,000 after acquiring an additional 16,906 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Sorrento Therapeutics by 17.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 274,446 shares of the biopharmaceutical company’s stock worth $733,000 after acquiring an additional 40,192 shares in the last quarter. Finally, Advisors Management Group Inc. ADV acquired a new position in Sorrento Therapeutics during the 1st quarter worth about $941,000. 21.50% of the stock is currently owned by institutional investors.

Several research firms recently issued reports on SRNE. Zacks Investment Research lowered Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, September 7th. ValuEngine raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Sorrento Therapeutics in a research note on Monday, August 12th. Finally, BidaskClub lowered Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.33.

NASDAQ SRNE remained flat at $$2.32 during trading hours on Friday. The company’s stock had a trading volume of 1,045,699 shares, compared to its average volume of 702,645. The company’s 50-day simple moving average is $2.26 and its 200 day simple moving average is $3.05. The company has a debt-to-equity ratio of 5.05, a current ratio of 0.83 and a quick ratio of 0.78. Sorrento Therapeutics Inc has a 12 month low of $1.80 and a 12 month high of $6.50.

Sorrento Therapeutics (NASDAQ:SRNE) last issued its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.01. Sorrento Therapeutics had a negative return on equity of 119.51% and a negative net margin of 1,107.37%. The company had revenue of $6.48 million for the quarter, compared to the consensus estimate of $7.50 million. Equities research analysts anticipate that Sorrento Therapeutics Inc will post -2.09 earnings per share for the current fiscal year.

Sorrento Therapeutics 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 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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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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