StockNews.com Begins Coverage on Sorrento Therapeutics (NASDAQ:SRNE)

Analysts at StockNews.com assumed coverage on shares of Sorrento Therapeutics (NASDAQ:SRNE) in a research note issued to investors on Thursday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Price Performance

Shares of SRNE stock opened at $0.01 on Thursday. Sorrento Therapeutics has a 12-month low of $0.16 and a 12-month high of $3.09. The company has a quick ratio of 0.79, a current ratio of 0.88 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average price is $0.02 and its 200-day moving average price is $0.07.

Institutional Investors Weigh In On Sorrento Therapeutics

Several large investors have recently made changes to their positions in SRNE. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Sorrento Therapeutics by 8.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 161,195 shares of the biopharmaceutical company’s stock worth $376,000 after purchasing an additional 12,264 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Sorrento Therapeutics by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 985,502 shares of the biopharmaceutical company’s stock worth $2,297,000 after acquiring an additional 27,241 shares during the last quarter. US Bancorp DE increased its stake in Sorrento Therapeutics by 31.2% during the first quarter. US Bancorp DE now owns 41,810 shares of the biopharmaceutical company’s stock worth $97,000 after acquiring an additional 9,941 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Sorrento Therapeutics by 37.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 87,402 shares of the biopharmaceutical company’s stock worth $204,000 after acquiring an additional 23,706 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in Sorrento Therapeutics by 12.8% during the first quarter. MetLife Investment Management LLC now owns 117,951 shares of the biopharmaceutical company’s stock worth $275,000 after acquiring an additional 13,416 shares during the last quarter. 34.48% of the stock is owned by institutional investors.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.