TheStreet upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a d rating to a c- rating in a report published on Friday.

SRNE has been the topic of several other research reports. BidaskClub raised shares of Sorrento Therapeutics from a sell rating to a hold rating in a research report on Wednesday, December 20th. ValuEngine raised shares of Sorrento Therapeutics from a strong sell rating to a sell rating in a research report on Wednesday, January 3rd. HC Wainwright reaffirmed a buy rating and set a $30.00 price objective (up previously from $20.00) on shares of Sorrento Therapeutics in a research report on Tuesday, January 16th. Finally, Oppenheimer reaffirmed a buy rating and set a $9.00 price objective on shares of Sorrento Therapeutics in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $15.33.

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NASDAQ SRNE opened at $6.50 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $532.51, a PE ratio of -5.70 and a beta of 2.44. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65.

In other Sorrento Therapeutics news, insider George K. Ng acquired 90,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were purchased at an average price of $9.95 per share, with a total value of $895,500.00. Following the completion of the transaction, the insider now owns 1,906,177 shares in the company, valued at $18,966,461.15. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Abg Management Ltd sold 310,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $7.64, for a total transaction of $2,368,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,215,009 shares of company stock worth $9,185,885. Insiders own 5.00% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 41,683 shares during the last quarter. MYDA Advisors LLC acquired a new position in Sorrento Therapeutics during the fourth quarter valued at approximately $114,000. Monashee Investment Management LLC acquired a new position in Sorrento Therapeutics during the fourth quarter valued at approximately $119,000. JPMorgan Chase & Co. grew its holdings in 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 purchasing an additional 44,294 shares during the last quarter. Finally, Alambic Investment Management L.P. acquired a new position in Sorrento Therapeutics during the fourth quarter valued at approximately $151,000. 11.14% of the stock is currently owned by hedge funds and other institutional investors.

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About Sorrento Therapeutics

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. It develops therapeutic products for the treatment of auto-immune, inflammatory, neurodegenerative, and infectious diseases.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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