Sorrento Therapeutics (SRNE) Trading Up 9.4%
Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) were up 9.4% during mid-day trading on Tuesday . The stock traded as high as $4.75 and last traded at $4.65. Approximately 1,901,700 shares traded hands during trading, a decline of 25% from the average daily volume of 2,546,336 shares. The stock had previously closed at $4.25.
Several analysts have issued reports on SRNE shares. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. BidaskClub downgraded Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 6th. HC Wainwright reiterated a “buy” rating and issued a $40.00 target price on shares of Sorrento Therapeutics in a report on Monday, June 11th. B. Riley assumed coverage on Sorrento Therapeutics in a report on Thursday, June 28th. They issued a “buy” rating and a $14.25 target price on the stock. Finally, TheStreet downgraded Sorrento Therapeutics from a “c-” rating to a “d+” rating in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $21.08.
The firm has a market cap of $501.95 million, a price-to-earnings ratio of 33.27 and a beta of 2.24. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.39 and a quick ratio of 1.39.
In other news, major shareholder Abg Management Ltd sold 297,568 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $5.02, for a total value of $1,493,791.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. 6.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of SRNE. Commonwealth Equity Services LLC grew its stake in shares of Sorrento Therapeutics by 7.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock valued at $988,000 after buying an additional 9,146 shares in the last quarter. First Republic Investment Management Inc. grew its stake in shares of Sorrento Therapeutics by 16.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 72,350 shares of the biopharmaceutical company’s stock valued at $521,000 after buying an additional 10,000 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at approximately $100,000. SG Americas Securities LLC bought a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at approximately $130,000. Finally, BlueMountain Capital Management LLC bought a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at approximately $132,000. Institutional investors own 24.88% of the company’s stock.
About Sorrento Therapeutics (NASDAQ:SRNE)
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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.
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