Sorrento Therapeutics Inc (NASDAQ:SRNE) traded up 20.4% during trading on Monday . The stock traded as high as $3.10 and last traded at $2.95. 2,605,500 shares traded hands during trading, an increase of 211% from the average session volume of 837,348 shares. The stock had previously closed at $2.45.
Several equities research analysts have recently commented on the company. Oppenheimer set a $6.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, November 15th. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Sorrento Therapeutics in a research note on Monday, September 18th. Six analysts have rated the stock with a buy rating, Sorrento Therapeutics has a consensus rating of “Buy” and an average target price of $11.50.
The company has a debt-to-equity ratio of 0.18, a current ratio of 0.54 and a quick ratio of 0.54.
Several institutional investors have recently modified their holdings of SRNE. Geode Capital Management LLC raised its position in shares of Sorrento Therapeutics by 3.8% during the 1st quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock worth $1,449,000 after purchasing an additional 13,495 shares during the last quarter. Bank of America Corp DE raised its position in shares of Sorrento Therapeutics by 2.0% during the 1st quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock worth $601,000 after purchasing an additional 3,057 shares during the last quarter. LMR Partners LLP acquired a new position in shares of Sorrento Therapeutics during the 2nd quarter worth approximately $177,000. Marshall Wace North America L.P. acquired a new position in shares of Sorrento Therapeutics during the 2nd quarter worth approximately $230,000. Finally, Matrix Asset Advisors Inc. NY raised its position in shares of Sorrento Therapeutics by 227.3% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock worth $144,000 after purchasing an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 12.63% of the company’s stock.
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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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