Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Stock Position Lowered by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP lowered its position in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 16.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,000 shares of the biopharmaceutical company’s stock after selling 9,886 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Sorrento Therapeutics were worth $341,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SRNE. Perigon Wealth Management LLC bought a new stake in Sorrento Therapeutics in the fourth quarter worth about $29,000. International Assets Investment Management LLC acquired a new position in shares of Sorrento Therapeutics in the 4th quarter worth approximately $30,000. Baillie Gifford & Co. bought a new stake in shares of Sorrento Therapeutics in the 4th quarter worth approximately $35,000. Patriot Financial Group Insurance Agency LLC lifted its stake in Sorrento Therapeutics by 22.9% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 8,852 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 1,650 shares during the last quarter. Finally, Accel Wealth Management acquired a new stake in Sorrento Therapeutics during the fourth quarter valued at approximately $61,000. 27.43% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have issued reports on the company. B. Riley initiated coverage on Sorrento Therapeutics in a report on Friday, January 29th. They issued a “buy” rating and a $26.00 price target on the stock. Zacks Investment Research raised Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, December 11th. Finally, Alliance Global Partners began coverage on Sorrento Therapeutics in a research note on Thursday, January 21st. They issued a “buy” rating and a $35.00 price target on the stock. One research analyst has rated the stock with 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 $24.80.

Shares of NASDAQ:SRNE opened at $7.58 on Thursday. The company’s fifty day moving average is $9.80 and its two-hundred day moving average is $9.26. The company has a market cap of $2.13 billion, a P/E ratio of -5.19 and a beta of 2.70. Sorrento Therapeutics, Inc. has a 12-month low of $2.18 and a 12-month high of $19.39. The company has a quick ratio of 1.13, a current ratio of 1.15 and a debt-to-equity ratio of 1.03.

Sorrento Therapeutics (NASDAQ:SRNE) last issued its quarterly earnings results on Friday, February 19th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.05). The business had revenue of $11.51 million for the quarter, compared to analysts’ expectations of $1.01 billion. Sorrento Therapeutics had a negative net margin of 698.01% and a negative return on equity of 314.06%. Equities research analysts anticipate that Sorrento Therapeutics, Inc. will post 5.01 earnings per share for the current year.

Sorrento Therapeutics Profile

Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutics by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugates, as well as bispecific antibody approaches; and Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system.

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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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