Oppenheimer Reaffirms “Buy” Rating for Sorrento Therapeutics (SRNE)

Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “buy” rating reaffirmed by Oppenheimer in a note issued to investors on Friday. They presently have a $9.00 price objective on the biopharmaceutical company’s stock. Oppenheimer’s price objective indicates a potential upside of 40.63% from the company’s current price.

Several other analysts have also commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price (up from $20.00) on shares of Sorrento Therapeutics in a report on Tuesday. BidaskClub raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, January 6th. Finally, ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Sorrento Therapeutics has a consensus rating of “Buy” and a consensus target price of $13.67.

Sorrento Therapeutics (SRNE) traded up $0.35 during trading on Friday, reaching $6.40. The company had a trading volume of 2,774,797 shares, compared to its average volume of 2,646,261. The firm has a market capitalization of $507.66, a price-to-earnings ratio of -15.24 and a beta of 1.04. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $6.47. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.54 and a current ratio of 0.54.

A number of hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC purchased a new position in Sorrento Therapeutics during the fourth quarter worth approximately $200,000. JPMorgan Chase & Co. boosted its position in Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 44,294 shares in the last quarter. Intellectus Partners LLC boosted its position in Sorrento Therapeutics by 44.7% during the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock worth $3,172,000 after purchasing an additional 490,000 shares in the last quarter. Susquehanna International Group LLP purchased a new position in Sorrento Therapeutics during the second quarter worth approximately $306,000. Finally, Dimensional Fund Advisors LP boosted its position in Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 shares in the last quarter. Institutional investors own 11.92% 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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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