Sorrento Therapeutics (SRNE) Shares Up 11.1%
Sorrento Therapeutics Inc (NASDAQ:SRNE) shares shot up 11.1% during mid-day trading on Monday . The stock traded as high as $5.55 and last traded at $5.50. 1,397,520 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 2,571,254 shares. The stock had previously closed at $4.95.
Several brokerages have issued reports on SRNE. ValuEngine cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. BidaskClub cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. B. Riley began coverage on Sorrento Therapeutics in a research report on Thursday, June 28th. They issued a “buy” rating and a $14.25 target price on the stock. HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Monday. Finally, TheStreet cut Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research report on Tuesday, July 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $21.08.
The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.06.
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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