Brokerages Set Sorrento Therapeutics Inc (SRNE) PT at $21.42

Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $21.42.

Several analysts recently weighed in on the company. BidaskClub upgraded Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 3rd. Oppenheimer set a $10.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Monday, November 12th. ValuEngine raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Tuesday, November 6th. HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Wednesday, December 12th. Finally, Zacks Investment Research cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 2nd.

A number of institutional investors and hedge funds have recently modified their holdings of the business. InterOcean Capital LLC acquired a new position in Sorrento Therapeutics in the 4th quarter worth about $25,000. New York State Common Retirement Fund increased its holdings in Sorrento Therapeutics by 16.1% in the 4th quarter. New York State Common Retirement Fund now owns 93,700 shares of the biopharmaceutical company’s stock worth $225,000 after purchasing an additional 13,000 shares in the last quarter. American International Group Inc. increased its holdings in Sorrento Therapeutics by 28.1% in the 3rd quarter. American International Group Inc. now owns 72,530 shares of the biopharmaceutical company’s stock worth $319,000 after purchasing an additional 15,895 shares in the last quarter. Virtu Financial LLC increased its holdings in Sorrento Therapeutics by 30.4% in the 4th quarter. Virtu Financial LLC now owns 69,509 shares of the biopharmaceutical company’s stock worth $167,000 after purchasing an additional 16,202 shares in the last quarter. Finally, MetLife Investment Advisors LLC increased its holdings in Sorrento Therapeutics by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 66,374 shares of the biopharmaceutical company’s stock worth $292,000 after purchasing an additional 23,595 shares in the last quarter. 27.04% of the stock is owned by institutional investors and hedge funds.

Shares of SRNE stock remained flat at $$2.27 on Monday. The company had a trading volume of 719,632 shares, compared to its average volume of 1,373,184. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.65. Sorrento Therapeutics has a twelve month low of $1.95 and a twelve month high of $10.65. The company has a market cap of $277.58 million, a P/E ratio of 17.46 and a beta of 2.51.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings data on Friday, November 9th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter. Sorrento Therapeutics had a negative return on equity of 45.28% and a negative net margin of 303.77%. The business had revenue of $4.11 million for the quarter. On average, analysts anticipate that Sorrento Therapeutics will post -1.73 EPS for the current year.

Sorrento Therapeutics Company Profile

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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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