Sorrento Therapeutics (SRNE) Rating Increased to C- at TheStreet

Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by stock analysts at TheStreet from a “d” rating to a “c-” rating in a report released on Friday.

SRNE has been the subject of a number of other reports. HC Wainwright set a $40.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Thursday, April 12th. BidaskClub cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, March 29th. Finally, ValuEngine upgraded Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, April 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $15.33.

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NASDAQ SRNE opened at $6.50 on Friday. The firm has a market cap of $532.51, a PE ratio of -5.70 and a beta of 2.44. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.38 and a quick ratio of 0.38. Sorrento Therapeutics has a twelve month low of $1.50 and a twelve month high of $10.65.

In related news, major shareholder Abg Management Ltd sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $7.19, for a total transaction of $1,078,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider George K. Ng bought 90,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were purchased at an average price of $9.95 per share, with a total value of $895,500.00. Following the completion of the acquisition, the insider now directly owns 1,906,177 shares in the company, valued at $18,966,461.15. The disclosure for this purchase can be found here. Insiders have sold a total of 1,215,009 shares of company stock valued at $9,185,885 over the last 90 days. 5.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in SRNE. Millennium Management LLC boosted its holdings in Sorrento Therapeutics by 127.3% during the 4th quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock valued at $4,773,000 after acquiring an additional 703,505 shares during the period. BlackRock Inc. boosted its holdings in Sorrento Therapeutics by 45.0% during the 4th quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after acquiring an additional 300,518 shares during the period. Acadian Asset Management LLC purchased a new position in Sorrento Therapeutics during the 4th quarter valued at about $200,000. JPMorgan Chase & Co. boosted its holdings in Sorrento Therapeutics by 139.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares during the period. Finally, Gotham Asset Management LLC purchased a new position in Sorrento Therapeutics during the 4th quarter valued at about $163,000. Institutional investors own 11.14% of the company’s stock.

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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. It develops therapeutic products for the treatment of auto-immune, inflammatory, neurodegenerative, and infectious diseases.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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