Roth Capital Initiates Coverage on Sorrento Therapeutics, Inc. (NASDAQ:SRNE)
Equities research analysts at Roth Capital began coverage on shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a report released on Thursday. The brokerage set a “buy” rating and a $7.00 price target on the biopharmaceutical company’s stock. Roth Capital’s price target points to a potential upside of 278.38% from the stock’s previous close.
SRNE has been the topic of a number of other research reports. FBR & Co restated an “outperform” rating and issued a $9.00 target price (down previously from $13.00) on shares of Sorrento Therapeutics in a report on Monday, May 22nd. UBS AG began coverage on shares of Sorrento Therapeutics in a report on Thursday. They issued an “outperform” rating and a $7.00 target price on the stock. HC Wainwright set a $20.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a report on Tuesday, June 27th. Finally, Rodman & Renshaw lowered their target price on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 22nd. Seven research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $11.67.
Shares of Sorrento Therapeutics (NASDAQ:SRNE) traded up 8.82% during trading on Thursday, hitting $1.85. The stock had a trading volume of 849,541 shares. The company’s market capitalization is $139.32 million. The firm has a 50-day moving average of $1.96 and a 200 day moving average of $3.10. Sorrento Therapeutics has a 1-year low of $1.50 and a 1-year high of $8.35.
In other Sorrento Therapeutics news, insider Henry Ji bought 29,001 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were bought at an average price of $1.81 per share, for a total transaction of $52,491.81. Following the acquisition, the insider now directly owns 139,776 shares of the company’s stock, valued at approximately $252,994.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.00% of the company’s stock.
A number of large investors have recently modified their holdings of the company. KCG Holdings Inc. purchased a new stake in shares of Sorrento Therapeutics during the first quarter worth about $108,000. LMR Partners LLP purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $177,000. Crow Point Partners LLC purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $200,000. Teachers Advisors LLC increased its stake in shares of Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $230,000. 17.51% of the stock is owned by institutional investors and hedge funds.
About Sorrento Therapeutics
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.
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