According to Zacks, “Sorrento Therapeutics, Inc. is a biopharmaceutical company. It is focused primarily on the acquisition, discovery, development and commercialization of proprietary oncology therapeutics. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease and infectious disease. Sorrento Therapeutics, Inc. is based in San Diego, California. “
Separately, HC Wainwright reduced their target price on Sorrento Therapeutics from $30.00 to $26.00 and set a “buy” rating for the company in a report on Monday, August 9th.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Friday, August 6th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.13). Sorrento Therapeutics had a negative net margin of 626.43% and a negative return on equity of 142.79%. The company had revenue of $13.51 million for the quarter, compared to analysts’ expectations of $10.13 million. Analysts anticipate that Sorrento Therapeutics will post -0.9 earnings per share for the current fiscal year.
In other news, Director Kim Janda sold 8,000 shares of the company’s stock in a transaction on Monday, September 13th. The stock was sold at an average price of $8.04, for a total transaction of $64,320.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.40% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. GFG Capital LLC acquired a new position in Sorrento Therapeutics during the third quarter valued at $204,000. IFG Advisory LLC acquired a new position in Sorrento Therapeutics during the third quarter valued at $136,000. Wedbush Securities Inc. raised its position in Sorrento Therapeutics by 29.2% during the third quarter. Wedbush Securities Inc. now owns 15,500 shares of the biopharmaceutical company’s stock valued at $118,000 after buying an additional 3,500 shares during the period. Parametric Portfolio Associates LLC raised its position in Sorrento Therapeutics by 6.2% during the second quarter. Parametric Portfolio Associates LLC now owns 141,139 shares of the biopharmaceutical company’s stock valued at $1,368,000 after buying an additional 8,251 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Sorrento Therapeutics during the second quarter valued at $480,000. 26.01% of the stock is currently owned by hedge funds and other institutional investors.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.
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