Sorrento Therapeutics, Inc. (SRNE) Receives $12.20 Consensus PT from Brokerages

Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) have earned an average rating of “Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $12.20.

SRNE has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of Sorrento Therapeutics in a research note on Thursday, October 5th. Oppenheimer Holdings, Inc. set a $7.00 target price on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, August 29th. Roth Capital initiated coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They set a “buy” rating and a $7.00 target price for the company. Finally, UBS AG initiated coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They set an “outperform” rating and a $7.00 target price for the company.

Sorrento Therapeutics (SRNE) traded down $0.10 during trading on Friday, reaching $2.50. 450,500 shares of the company’s stock were exchanged, compared to its average volume of 828,297. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.18. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $6.60.

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Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in shares of Sorrento Therapeutics by 2.0% during the 1st quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock worth $601,000 after buying an additional 3,057 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Sorrento Therapeutics by 3.8% during the 1st quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock worth $1,449,000 after buying an additional 13,495 shares in the last quarter. KCG Holdings Inc. bought a new stake in shares of Sorrento Therapeutics during the 1st quarter worth about $108,000. Dimensional Fund Advisors LP raised its position in shares of Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 41,683 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Sorrento Therapeutics by 139.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 44,294 shares in the last quarter. Institutional investors own 15.83% of the company’s stock.

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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