Sorrento Therapeutics (NASDAQ:SRNE) Shares Up 7.5%

Sorrento Therapeutics Inc (NASDAQ:SRNE) shot up 7.5% during mid-day trading on Friday . The stock traded as high as $1.60 and last traded at $1.57, 4,365,941 shares traded hands during trading. An increase of 147% from the average session volume of 1,766,857 shares. The stock had previously closed at $1.46.

Several research firms recently issued reports on SRNE. HC Wainwright reiterated a “buy” rating and set a $30.00 price target 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. BidaskClub lowered shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 7th. JMP Securities began coverage on shares of Sorrento Therapeutics in a research report on Monday. They set an “outperform” rating and a $21.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $18.25.

The company has a debt-to-equity ratio of 5.05, a current ratio of 0.83 and a quick ratio of 0.78. The stock has a market cap of $191.23 million, a price-to-earnings ratio of -0.82 and a beta of 2.40. The business’s 50-day simple moving average is $2.16 and its two-hundred day simple moving average is $2.98.

Sorrento Therapeutics (NASDAQ:SRNE) last issued its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Sorrento Therapeutics had a negative net margin of 1,107.37% and a negative return on equity of 136.52%. The firm had revenue of $6.48 million for the quarter, compared to analyst estimates of $7.50 million. Equities research analysts forecast that Sorrento Therapeutics Inc will post -2.09 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of SRNE. Jane Street Group LLC acquired a new stake in Sorrento Therapeutics in the second quarter valued at approximately $32,000. Centaurus Financial Inc. boosted its position in Sorrento Therapeutics by 20,830.2% in the second quarter. Centaurus Financial Inc. now owns 18,000 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 17,914 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Sorrento Therapeutics by 191.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 38,372 shares of the biopharmaceutical company’s stock valued at $102,000 after buying an additional 25,200 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Sorrento Therapeutics by 39.4% in the second quarter. UBS Asset Management Americas Inc. now owns 52,896 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 14,943 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Sorrento Therapeutics by 12.7% in the second quarter. Bank of America Corp DE now owns 220,844 shares of the biopharmaceutical company’s stock valued at $590,000 after buying an additional 24,954 shares in the last quarter. Hedge funds and other institutional investors own 21.50% of the company’s stock.

About Sorrento Therapeutics (NASDAQ:SRNE)

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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