Sorrento Therapeutics (SRNE) Raised to Sell at BidaskClub

BidaskClub upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a strong sell rating to a sell rating in a research note published on Wednesday morning, BidAskClub reports.

Several other brokerages have also commented on SRNE. B. Riley increased their price objective on Sorrento Therapeutics from $10.50 to $12.00 and gave the company a buy rating in a report on Wednesday, March 20th. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a buy rating in a report on Wednesday, April 17th. Finally, Zacks Investment Research lowered Sorrento Therapeutics from a hold rating to a sell rating in a report on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $20.67.

Shares of SRNE opened at $3.64 on Wednesday. Sorrento Therapeutics has a 12 month low of $1.80 and a 12 month high of $8.25. The company has a debt-to-equity ratio of 2.35, a quick ratio of 2.91 and a current ratio of 1.60.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Sorrento Therapeutics by 1.3% in the 4th quarter. BlackRock Inc. now owns 7,566,238 shares of the biopharmaceutical company’s stock worth $18,158,000 after purchasing an additional 95,416 shares in the last quarter. Vanguard Group Inc. lifted its position in Sorrento Therapeutics by 20.6% in the third quarter. Vanguard Group Inc. now owns 5,421,877 shares of the biopharmaceutical company’s stock valued at $23,856,000 after acquiring an additional 925,542 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Sorrento Therapeutics by 20.6% during the third quarter. Vanguard Group Inc now owns 5,421,877 shares of the biopharmaceutical company’s stock worth $23,856,000 after acquiring an additional 925,542 shares during the period. Northern Trust Corp grew its position in shares of Sorrento Therapeutics by 5.8% in the first quarter. Northern Trust Corp now owns 1,333,958 shares of the biopharmaceutical company’s stock valued at $6,337,000 after purchasing an additional 73,459 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Sorrento Therapeutics by 26.6% during the first quarter. Geode Capital Management LLC now owns 1,330,747 shares of the biopharmaceutical company’s stock worth $6,321,000 after purchasing an additional 279,867 shares during the period. 25.86% of the stock is currently owned by institutional investors.

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. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

Further Reading: Blockchain

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.