Sorrento Therapeutics Inc (NASDAQ:SRNE) was the recipient of a significant increase in short interest during the month of December. As of December 29th, there was short interest totalling 2,558,145 shares, an increase of 31.0% from the December 15th total of 1,953,149 shares. Approximately 4.4% of the company’s stock are sold short. Based on an average trading volume of 2,460,773 shares, the short-interest ratio is currently 1.0 days.
SRNE has been the topic of a number of recent research reports. BidaskClub raised Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. HC Wainwright reissued a “buy” rating and issued a $20.00 target price on shares of Sorrento Therapeutics in a research note on Thursday, October 5th. ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Finally, Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, November 15th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Sorrento Therapeutics has an average rating of “Buy” and a consensus price target of $11.50.
Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at $4.95 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $5.75. The company has a market capitalization of $392.64, a price-to-earnings ratio of -11.79 and a beta of 1.04.
Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 44,294 shares during the last quarter. Intellectus Partners LLC boosted its position in shares of Sorrento Therapeutics by 44.7% during the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock valued at $3,172,000 after buying an additional 490,000 shares during the last quarter. Susquehanna International Group LLP purchased a new stake in shares of Sorrento Therapeutics during the second quarter valued at $306,000. Dimensional Fund Advisors LP boosted its position in shares of Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 41,683 shares during the last quarter. Finally, Virtu KCG Holdings LLC boosted its position in shares of Sorrento Therapeutics by 497.7% during the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock valued at $328,000 after buying an additional 136,506 shares during the last quarter. 11.92% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY NOTICE: This news story was posted by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://transcriptdaily.com/2018/01/14/sorrento-therapeutics-inc-srne-short-interest-update.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.