Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) rose 5.7% on Tuesday . The stock traded as high as $3.70 and last traded at $3.68. Approximately 1,269,453 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 2,485,859 shares. The stock had previously closed at $3.48.
SRNE has been the topic of several analyst reports. BidaskClub downgraded shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday, September 14th. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Sorrento Therapeutics in a report on Thursday, September 20th. ValuEngine downgraded shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, September 22nd. Finally, B. Riley initiated coverage on shares of Sorrento Therapeutics in a report on Thursday, June 28th. They issued a “buy” rating and a $14.25 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $21.08.
The firm has a market cap of $513.62 million, a price-to-earnings ratio of 28.23 and a beta of 2.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39.
Sorrento Therapeutics (NASDAQ:SRNE) last issued its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.53). The firm had revenue of $3.91 million during the quarter, compared to analysts’ expectations of $3.28 million. Sorrento Therapeutics had a negative net margin of 15.76% and a negative return on equity of 11.88%. Analysts predict that Sorrento Therapeutics Inc will post -1.4 earnings per share for the current fiscal year.
In related news, major shareholder Abg Management Ltd sold 297,568 shares of the business’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $5.02, for a total transaction of $1,493,791.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 6.00% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its holdings in Sorrento Therapeutics by 7.1% during the second quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock worth $988,000 after buying an additional 9,146 shares in the last quarter. First Republic Investment Management Inc. boosted its holdings in Sorrento Therapeutics by 16.0% during the second quarter. First Republic Investment Management Inc. now owns 72,350 shares of the biopharmaceutical company’s stock worth $521,000 after buying an additional 10,000 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Sorrento Therapeutics during the second quarter worth about $100,000. SG Americas Securities LLC purchased a new stake in Sorrento Therapeutics during the second quarter worth about $130,000. Finally, BlueMountain Capital Management LLC purchased a new stake in Sorrento Therapeutics during the second quarter worth about $132,000. 24.88% of the stock is currently owned by hedge funds and other institutional investors.
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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