HC Wainwright set a $38.00 target price on Sorrento Therapeutics (NASDAQ:SRNE) in a report released on Tuesday morning. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.
SRNE has been the topic of several other research reports. BidaskClub raised Sorrento Therapeutics from a buy rating to a strong-buy rating in a research note on Saturday, February 17th. Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the stock a buy rating in a research note on Wednesday, November 15th. Finally, ValuEngine raised Sorrento Therapeutics from a strong sell rating to a sell rating in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Sorrento Therapeutics currently has a consensus rating of Buy and a consensus price target of $15.00.
Sorrento Therapeutics (NASDAQ:SRNE) opened at $7.30 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.54 and a quick ratio of 0.54. Sorrento Therapeutics has a 12 month low of $1.50 and a 12 month high of $10.65. The company has a market capitalization of $579.05, a PE ratio of -8.20 and a beta of 1.53.
In other Sorrento Therapeutics news, insider George K. Ng bought 90,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average price of $9.95 per share, for a total transaction of $895,500.00. Following the completion of the transaction, the insider now owns 1,906,177 shares of the company’s stock, valued at approximately $18,966,461.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Abg Management Ltd sold 310,000 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $7.64, for a total value of $2,368,400.00. The disclosure for this sale can be found here. Insiders have sold 1,215,009 shares of company stock valued at $9,185,885 in the last quarter. 5.00% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in SRNE. Dimensional Fund Advisors LP grew its position in shares of 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 in the last quarter. MYDA Advisors LLC purchased a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $114,000. Monashee Investment Management LLC purchased a new stake in shares of Sorrento Therapeutics during the fourth quarter worth about $119,000. JPMorgan Chase & Co. grew its holdings in Sorrento Therapeutics by 139.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 44,294 shares in the last quarter. Finally, Alambic Investment Management L.P. purchased a new position in Sorrento Therapeutics during the 4th quarter valued at approximately $151,000. Hedge funds and other institutional investors own 12.24% of the company’s stock.
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.