Sorrento Therapeutics (NASDAQ:SRNE) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a sell rating to a hold rating in a research note published on Friday 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. “

Several other brokerages have also issued reports on SRNE. BidaskClub lowered Sorrento Therapeutics from a sell rating to a strong sell rating in a research note on Wednesday, August 7th. ValuEngine upgraded Sorrento Therapeutics from a hold rating to a buy rating in a research note on Thursday, August 1st. Finally, HC Wainwright restated a buy rating and issued a $30.00 target price on shares of Sorrento Therapeutics in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $17.33.

Shares of SRNE opened at $2.24 on Friday. The firm has a market cap of $271.13 million, a PE ratio of -1.17 and a beta of 2.34. The stock’s fifty day moving average price is $2.45 and its two-hundred day moving average price is $3.06. The company has a debt-to-equity ratio of 5.05, a current ratio of 0.83 and a quick ratio of 1.54. Sorrento Therapeutics has a 1 year low of $1.80 and a 1 year high of $6.50.

Several institutional investors and hedge funds have recently modified their holdings of the business. CVI Holdings LLC bought a new position in Sorrento Therapeutics during the 2nd quarter valued at approximately $3,742,000. Price T Rowe Associates Inc. MD increased its position in 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 buying an additional 25,200 shares in the last quarter. Centaurus Financial Inc. increased its position in 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 buying an additional 17,914 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Sorrento Therapeutics by 39.4% during the 2nd 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, Jane Street Group LLC bought a new position in Sorrento Therapeutics during the 2nd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 18.55% of the company’s stock.

Sorrento Therapeutics Company 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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