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. “
Several other research firms have also commented on SRNE. HC Wainwright set a $11.00 price target on Cerecor and gave the stock a buy rating in a research report on Wednesday, April 17th. B. Riley raised their price target on Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Finally, BidaskClub upgraded Misonix from a buy rating to a strong-buy rating in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $20.67.
Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.05. Sorrento Therapeutics had a negative return on equity of 102.94% and a negative net margin of 1,323.09%. The business had revenue of $6.14 million during the quarter, compared to analyst estimates of $8.02 million. Research analysts expect that Sorrento Therapeutics will post -1.27 earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in SRNE. Mercer Global Advisors Inc. ADV purchased a new position in Sorrento Therapeutics in the first quarter valued at $30,000. Paloma Partners Management Co purchased a new position in Sorrento Therapeutics in the fourth quarter valued at $34,000. Amalgamated Bank purchased a new position in Sorrento Therapeutics in the fourth quarter valued at $35,000. Metropolitan Life Insurance Co. NY boosted its holdings in Sorrento Therapeutics by 356.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 23,595 shares during the period. Finally, BNP Paribas Arbitrage SA purchased a new position in Sorrento Therapeutics in the first quarter valued at $116,000. Hedge funds and other institutional investors own 18.66% of the company’s stock.
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 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.
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