Sorrento Therapeutics (SRNE) Stock Price Down 7.5%
Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) traded down 7.5% on Wednesday . The stock traded as low as $4.90 and last traded at $4.95. 1,887,315 shares changed hands during trading, a decline of 26% from the average session volume of 2,557,091 shares. The stock had previously closed at $5.35.
Several analysts recently weighed in on the company. BidaskClub upgraded Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 26th. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Sorrento Therapeutics in a research report on Monday, June 11th. B. Riley assumed coverage on Sorrento Therapeutics in a research report on Thursday, June 28th. They set a “buy” rating and a $14.25 price objective for the company. Finally, TheStreet downgraded 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 given a hold rating and three have given a buy rating to the company’s stock. Sorrento Therapeutics currently has a consensus rating of “Hold” and an average target price 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.
Hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas bought a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth $100,000. SG Americas Securities LLC acquired a new position in Sorrento Therapeutics in the 2nd quarter worth about $130,000. BlueMountain Capital Management LLC acquired a new position in Sorrento Therapeutics in the 2nd quarter worth about $132,000. Verition Fund Management LLC acquired a new position in Sorrento Therapeutics in the 1st quarter worth about $122,000. Finally, Metropolitan Life Insurance Co. NY acquired a new position in Sorrento Therapeutics in the 2nd quarter worth about $218,000. Institutional investors and hedge funds own 24.85% of the company’s stock.
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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