Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.
Several other equities analysts have also commented on the stock. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Sorrento Therapeutics in a research report on Thursday, February 1st. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, Oppenheimer set a $6.00 price target on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, November 15th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $15.00.
Sorrento Therapeutics (NASDAQ SRNE) traded down $0.10 during mid-day trading on Wednesday, reaching $7.55. 1,226,088 shares of the company’s stock traded hands, compared to its average volume of 3,392,871. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.24. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $10.65. The company has a market capitalization of $616.73, a price-to-earnings ratio of -8.45 and a beta of 1.53.
Several institutional investors have recently added to or reduced their stakes in SRNE. Dimensional Fund Advisors LP lifted its holdings in Sorrento Therapeutics by 408.4% in 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 during the period. KCG Holdings Inc. acquired a new stake in Sorrento Therapeutics in the first quarter worth about $108,000. MYDA Advisors LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter worth about $114,000. Monashee Investment Management LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter worth about $119,000. Finally, JPMorgan Chase & Co. lifted its holdings in Sorrento Therapeutics by 139.0% in 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 during the period. Institutional investors and hedge funds own 12.24% of the company’s stock.
TRADEMARK VIOLATION WARNING: This report was first published by American Banking News and is owned by of American Banking News. If you are accessing this report on another site, it was illegally stolen and republished in violation of international copyright laws. The original version of this report can be read at https://www.americanbankingnews.com/2018/03/14/sorrento-therapeutics-srne-lifted-to-buy-at-bidaskclub.html.
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.
Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.