Sorrento Therapeutics (SRNE) Trading 6.7% Higher
Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) traded up 6.7% on Monday . The stock traded as high as $2.45 and last traded at $2.40. 762,028 shares were traded during mid-day trading, a decline of 8% from the average session volume of 828,876 shares. The stock had previously closed at $2.25.
Several analysts have recently weighed in on the company. Oppenheimer set a $6.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a report on Wednesday, November 15th. HC Wainwright set a $20.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a report on Wednesday, August 30th. Six research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and a consensus target price of $11.50.
The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18.
A number of institutional investors and hedge funds have recently bought and sold shares of SRNE. Dimensional Fund Advisors LP raised its stake in Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after acquiring an additional 41,683 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Sorrento Therapeutics by 139.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares during the last quarter. Matrix Asset Advisors Inc. NY raised its stake in 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 valued at $144,000 after acquiring an additional 50,000 shares during the last quarter. LMR Partners LLP purchased a new stake in Sorrento Therapeutics during the 2nd quarter valued at approximately $177,000. Finally, Marshall Wace North America L.P. purchased a new stake in Sorrento Therapeutics during the 2nd quarter valued at approximately $230,000. 12.63% of the stock is owned by hedge funds and other institutional investors.
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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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