Sorrento Therapeutics (NASDAQ:SRNE) has been given a $40.00 price objective by research analysts at HC Wainwright in a research note issued on Thursday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.
A number of other equities research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 6th. Oppenheimer reiterated a “buy” rating and set a $9.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, January 19th. Finally, ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $15.33.
Shares of Sorrento Therapeutics stock opened at $6.05 on Thursday. The stock has a market cap of $564.37, a price-to-earnings ratio of -5.31 and a beta of 2.43. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.38 and a current ratio of 0.38. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $10.65.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of Sorrento Therapeutics by 127.3% in the 4th quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock valued at $4,773,000 after purchasing an additional 703,505 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Sorrento Therapeutics by 45.0% in the 4th quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after purchasing an additional 300,518 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Sorrento Therapeutics by 139.0% in the 3rd 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Sorrento Therapeutics by 62.8% in the 4th quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 21,064 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Sorrento Therapeutics in the 4th quarter valued at approximately $200,000. Institutional investors own 11.12% of the company’s stock.
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About Sorrento Therapeutics
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.
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