Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.21 and traded as high as $2.28. Sorrento Therapeutics shares last traded at $2.14, with a volume of 51,953 shares.
A number of brokerages have recently commented on SRNE. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. BidaskClub cut Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Sorrento Therapeutics in a report on Monday, August 12th. Finally, Zacks Investment Research upgraded Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $17.33.
The stock has a market cap of $290.78 million, a PE ratio of -1.11 and a beta of 2.46. The company has a debt-to-equity ratio of 5.05, a quick ratio of 0.78 and a current ratio of 0.83. The stock has a fifty day moving average price of $2.20 and a 200 day moving average price of $3.06.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in Sorrento Therapeutics during the 2nd quarter valued at $32,000. Centaurus Financial Inc. boosted its holdings in Sorrento Therapeutics by 20,830.2% during the 2nd quarter. Centaurus Financial Inc. now owns 18,000 shares of the biopharmaceutical company’s stock valued at $48,000 after acquiring an additional 17,914 shares during the period. BNP Paribas Arbitrage SA purchased a new position in Sorrento Therapeutics during the 1st quarter valued at $116,000. Price T Rowe Associates Inc. MD raised its position in Sorrento Therapeutics by 191.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 38,372 shares of the biopharmaceutical company’s stock valued at $102,000 after purchasing an additional 25,200 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in Sorrento Therapeutics by 39.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 52,896 shares of the biopharmaceutical company’s stock valued at $141,000 after purchasing an additional 14,943 shares in the last quarter. Institutional investors own 21.50% 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. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.
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