Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $7.00, but opened at $7.05. Sorrento Therapeutics shares last traded at $7.35, with a volume of 2202868 shares.
A number of research firms have recently weighed in on SRNE. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Sorrento Therapeutics in a report on Thursday, February 1st. BidaskClub raised Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 17th. Oppenheimer set a $6.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Wednesday, November 15th. Finally, ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Sorrento Therapeutics presently has an average rating of “Buy” and a consensus price target of $15.00.
The firm has a market capitalization of $630.61, a PE ratio of -8.93 and a beta of 1.53. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.54 and a current ratio of 0.54.
Several large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Sorrento Therapeutics by 62.8% in the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 21,064 shares during the period. MYDA Advisors LLC purchased a new stake in shares of Sorrento Therapeutics in the fourth quarter valued at $114,000. Monashee Investment Management LLC purchased a new stake in shares of Sorrento Therapeutics in the fourth quarter valued at $119,000. Alambic Investment Management L.P. purchased a new stake in shares of Sorrento Therapeutics in the fourth quarter valued at $151,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Sorrento Therapeutics by 408.4% in the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 41,683 shares during the period. 12.24% of the stock is owned by institutional investors and hedge funds.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.
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