Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Receives New Coverage from Analysts at Oppenheimer Holdings, Inc.
Equities researchers at Oppenheimer Holdings, Inc. started coverage on shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a report released on Friday. The firm set an “outperform” rating and a $7.00 price target on the biopharmaceutical company’s stock. Oppenheimer Holdings, Inc.’s price target would suggest a potential upside of 278.38% from the company’s previous close.
SRNE has been the topic of a number of other research reports. Rodman & Renshaw reduced their price objective on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, May 22nd. HC Wainwright set a $20.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, July 4th. UBS AG started coverage on Sorrento Therapeutics in a research note on Thursday. They issued an “outperform” rating and a $7.00 price objective on the stock. FBR & Co reaffirmed an “outperform” rating and issued a $9.00 price objective (down previously from $13.00) on shares of Sorrento Therapeutics in a research note on Monday, May 22nd. Finally, Roth Capital started coverage on Sorrento Therapeutics in a research note on Thursday. They issued a “buy” rating and a $7.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and an average price target of $11.67.
Shares of Sorrento Therapeutics (NASDAQ:SRNE) traded up 8.82% on Friday, reaching $1.85. 849,541 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $1.96 and a 200 day moving average price of $3.10. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $8.35. The firm’s market cap is $139.32 million.
In related news, insider Henry Ji bought 29,001 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were purchased at an average price of $1.81 per share, with a total value of $52,491.81. Following the transaction, the insider now owns 139,776 shares in the company, valued at approximately $252,994.56. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SRNE. Marshall Wace North America L.P. bought a new position in Sorrento Therapeutics during the second quarter valued at $230,000. LMR Partners LLP bought a new position in Sorrento Therapeutics during the second quarter valued at $177,000. Crow Point Partners LLC bought a new position in Sorrento Therapeutics during the second quarter valued at $200,000. Bank of America Corp DE increased its position in Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock valued at $601,000 after buying an additional 3,057 shares in the last quarter. Finally, KCG Holdings Inc. bought a new position in Sorrento Therapeutics during the first quarter valued at $108,000. 17.51% of the stock is currently owned by hedge funds and other institutional investors.
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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