Sorrento Therapeutics (SRNE) Trading Up 9.4%

Sorrento Therapeutics Inc (NASDAQ:SRNE) was up 9.4% during mid-day trading on Tuesday . The company traded as high as $4.75 and last traded at $4.65. Approximately 1,901,700 shares were traded during trading, a decline of 25% from the average daily volume of 2,546,336 shares. The stock had previously closed at $4.25.

A number of research analysts have recently weighed in on the company. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Friday, July 6th. BidaskClub cut Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Friday, August 17th. ValuEngine raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. TheStreet cut Sorrento Therapeutics from a “c-” rating to a “d+” rating in a report on Tuesday, July 24th. Finally, B. Riley started coverage on Sorrento Therapeutics in a report on Thursday, June 28th. They issued a “buy” rating and a $14.25 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $21.08.

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $542.80 million, a P/E ratio of 34.23 and a beta of 2.24.

Sorrento Therapeutics (NASDAQ:SRNE) last posted its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.53). Sorrento Therapeutics had a negative return on equity of 11.88% and a negative net margin of 15.76%. The business had revenue of $3.91 million during the quarter, compared to analysts’ expectations of $3.28 million. analysts anticipate that Sorrento Therapeutics Inc will post -1.4 EPS for the current year.

In related news, major shareholder Abg Management Ltd sold 297,568 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $5.02, for a total value of $1,493,791.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.00% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in SRNE. Wells Fargo & Company MN increased its stake in Sorrento Therapeutics by 19,948.0% in the 1st quarter. Wells Fargo & Company MN now owns 501,200 shares of the biopharmaceutical company’s stock worth $2,581,000 after acquiring an additional 498,700 shares during the last quarter. Northern Trust Corp increased its stake in Sorrento Therapeutics by 15.7% in the 1st quarter. Northern Trust Corp now owns 156,102 shares of the biopharmaceutical company’s stock worth $804,000 after acquiring an additional 21,148 shares during the last quarter. BlackRock Inc. increased its stake in Sorrento Therapeutics by 125.9% in the 1st quarter. BlackRock Inc. now owns 2,186,936 shares of the biopharmaceutical company’s stock worth $11,262,000 after acquiring an additional 1,218,652 shares during the last quarter. Candriam Luxembourg S.C.A. bought a new stake in Sorrento Therapeutics in the 1st quarter worth approximately $1,597,000. Finally, First Republic Investment Management Inc. increased its stake in Sorrento Therapeutics by 379.6% in the 1st quarter. First Republic Investment Management Inc. now owns 62,350 shares of the biopharmaceutical company’s stock worth $321,000 after acquiring an additional 49,350 shares during the last quarter. 24.88% of the stock is currently owned by institutional investors and hedge funds.

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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