Sorrento Therapeutics Inc (SRNE) Receives Consensus Rating of “Buy” from Brokerages
Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) have been given a consensus recommendation of “Buy” by the eight brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $16.20.
SRNE has been the topic of a number of research reports. HC Wainwright lifted their target price on shares of Sorrento Therapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Oppenheimer reaffirmed a “buy” rating and set a $9.00 target price on shares of Sorrento Therapeutics in a research note on Friday, January 19th. BidaskClub raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 6th. Finally, ValuEngine raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd.
Shares of Sorrento Therapeutics stock traded up $0.05 on Friday, hitting $8.10. 2,366,219 shares of the stock were exchanged, compared to its average volume of 3,513,164. The company has a market cap of $660.13, a price-to-earnings ratio of -15.88 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.38 and a quick ratio of 0.54. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65.
Large investors have recently bought and sold shares of the stock. MYDA Advisors LLC bought a new stake in Sorrento Therapeutics during the fourth quarter worth about $114,000. Monashee Investment Management LLC purchased a new position in Sorrento Therapeutics in the fourth quarter worth about $119,000. Alambic Investment Management L.P. purchased a new position in Sorrento Therapeutics in the fourth quarter worth about $151,000. Gotham Asset Management LLC purchased a new position in Sorrento Therapeutics in the fourth quarter worth about $163,000. Finally, Dimensional Fund Advisors LP raised its holdings in Sorrento Therapeutics by 408.4% in the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 41,683 shares during the last quarter. 12.24% of the stock is currently owned by institutional investors and hedge funds.
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About Sorrento Therapeutics
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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