Sorrento Therapeutics (NASDAQ:SRNE) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Sorrento Therapeutics (NASDAQ:SRNEFree Report) in a research note published on Monday. The firm issued a hold rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Price Performance

Shares of NASDAQ:SRNE opened at $0.21 on Monday. Sorrento Therapeutics has a 52-week low of $0.16 and a 52-week high of $3.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.88 and a quick ratio of 0.79. The stock’s 50-day simple moving average is $0.24 and its two-hundred day simple moving average is $0.29.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SRNE. Syntegra Private Wealth Group LLC purchased a new position in Sorrento Therapeutics in the 4th quarter worth approximately $26,000. Frontier Wealth Management LLC purchased a new position in Sorrento Therapeutics in the 1st quarter worth approximately $41,000. Verition Fund Management LLC purchased a new position in Sorrento Therapeutics in the 2nd quarter worth approximately $44,000. FMR LLC lifted its holdings in Sorrento Therapeutics by 293.3% in the 2nd quarter. FMR LLC now owns 21,987 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 16,396 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of Sorrento Therapeutics by 1,299.8% during the 3rd quarter. Captrust Financial Advisors now owns 30,697 shares of the biopharmaceutical company’s stock worth $48,000 after acquiring an additional 28,504 shares in the last quarter. 34.48% of the stock is owned by hedge funds and other institutional investors.

About Sorrento Therapeutics

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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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