Sorrento Therapeutics (SRNE) Rating Lowered to Buy at BidaskClub

BidaskClub cut shares of Sorrento Therapeutics (NASDAQ:SRNE) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday.

SRNE has been the subject of a number of other research reports. HC Wainwright set a $30.00 price objective on shares of Sorrento Therapeutics and gave the company a buy rating in a research report on Tuesday, January 23rd. Oppenheimer reissued a buy rating and issued a $9.00 price objective on shares of Sorrento Therapeutics in a research report on Friday, January 19th. Finally, ValuEngine raised shares of Sorrento Therapeutics from a strong sell rating to a sell rating in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $15.00.

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Sorrento Therapeutics (NASDAQ:SRNE) opened at $7.95 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.24. The stock has a market cap of $630.61, a PE ratio of -8.93 and a beta of 1.53. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65.

In related news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total transaction of $5,173,217.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Abg Management Ltd sold 310,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was 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 three months, insiders sold 1,215,009 shares of company stock valued at $9,185,885. Company insiders own 5.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of SRNE. Dimensional Fund Advisors LP increased its position 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 worth $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 worth approximately $114,000. Monashee Investment Management LLC acquired a new position in Sorrento Therapeutics during the fourth quarter worth approximately $119,000. JPMorgan Chase & Co. increased its position in Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $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 worth approximately $151,000. 12.24% of the stock is 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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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