HC Wainwright Reiterates “Buy” Rating for Sorrento Therapeutics (SRNE)

Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Monday. They currently have a $40.00 price objective on the biopharmaceutical company’s stock.

The analysts wrote, “We ascribe a value of $6.4B based on a sum- of-the-parts approach, or a price per share of $40.00, assuming 159M projected shares outstanding as of end-2Q 2019. The projected share count assumes conversion of all outstanding convertible notes and exercise of all outstanding options and warrants.””

SRNE has been the subject of a number of other reports. TheStreet lowered shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a report on Tuesday, July 24th. B. Riley started coverage on shares of Sorrento Therapeutics in a report on Thursday, June 28th. They set a “buy” rating and a $14.25 price target for the company. BidaskClub lowered shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, June 21st. Finally, ValuEngine raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $21.08.



Sorrento Therapeutics stock opened at $5.10 on Monday. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Sorrento Therapeutics by 176.3% during the 2nd quarter. BlackRock Inc. now owns 6,041,652 shares of the biopharmaceutical company’s stock valued at $43,500,000 after purchasing an additional 3,854,716 shares in the last quarter. Millennium Management LLC grew its holdings in Sorrento Therapeutics by 14.2% during the 1st quarter. Millennium Management LLC now owns 1,434,670 shares of the biopharmaceutical company’s stock valued at $7,389,000 after purchasing an additional 178,516 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Sorrento Therapeutics by 19,948.0% during the 1st quarter. Wells Fargo & Company MN now owns 501,200 shares of the biopharmaceutical company’s stock valued at $2,581,000 after purchasing an additional 498,700 shares in the last quarter. Bank of America Corp DE grew its holdings in Sorrento Therapeutics by 171.6% during the 2nd quarter. Bank of America Corp DE now owns 442,632 shares of the biopharmaceutical company’s stock valued at $3,187,000 after purchasing an additional 279,677 shares in the last quarter. Finally, UBS Group AG grew its holdings in Sorrento Therapeutics by 1,804.6% during the 1st quarter. UBS Group AG now owns 442,058 shares of the biopharmaceutical company’s stock valued at $2,276,000 after purchasing an additional 418,848 shares in the last quarter. 20.44% of the stock is owned by institutional investors and hedge funds.

About Sorrento Therapeutics

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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