Sorrento Therapeutics (SRNE) Trading 8.9% Higher
Sorrento Therapeutics Inc (NASDAQ:SRNE) traded up 8.9% during mid-day trading on Tuesday . The stock traded as high as $5.00 and last traded at $4.90. 1,604,092 shares changed hands during trading, a decline of 51% from the average session volume of 3,248,815 shares. The stock had previously closed at $4.50.
Several equities research analysts have issued reports on the stock. Oppenheimer set a $6.00 target price on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, November 15th. BidaskClub upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, January 6th. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of Sorrento Therapeutics in a research report on Monday, September 18th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $11.50.
The stock has a market cap of $396.61, a P/E ratio of -11.14 and a beta of 1.04. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.54 and a quick ratio of 0.54.
Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Sorrento Therapeutics by 25.3% during the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after acquiring an additional 389,258 shares in the last quarter. Intellectus Partners LLC raised its stake 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 worth $3,172,000 after acquiring an additional 490,000 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of Sorrento Therapeutics during the second quarter worth approximately $306,000. Virtu KCG Holdings LLC raised its stake 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 worth $328,000 after acquiring an additional 136,506 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in shares of Sorrento Therapeutics during the second quarter worth approximately $230,000. 11.92% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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