Sorrento Therapeutics (NASDAQ:SRNE) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a sell rating to a hold rating in a research report sent to investors on Saturday, Zacks.com reports.

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. “

SRNE has been the topic of a number of other research reports. ValuEngine upgraded shares of Sorrento Therapeutics from a hold rating to a buy rating in a research report on Thursday, August 1st. HC Wainwright decreased their target price on shares of Sorrento Therapeutics from $40.00 to $30.00 and set a buy rating on the stock in a research report on Tuesday, July 23rd. Finally, BidaskClub cut shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $17.33.

Shares of NASDAQ:SRNE opened at $2.15 on Friday. The stock has a market cap of $256.30 million, a PE ratio of -1.12 and a beta of 2.34. The stock has a fifty day simple moving average of $2.53. Sorrento Therapeutics has a 52 week low of $1.80 and a 52 week high of $6.50. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.54 and a current ratio of 1.60.

Sorrento Therapeutics (NASDAQ:SRNE) last issued its earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.05. The company had revenue of $6.14 million for the quarter, compared to analysts’ expectations of $8.02 million. Sorrento Therapeutics had a negative net margin of 1,323.09% and a negative return on equity of 102.94%. On average, equities research analysts predict that Sorrento Therapeutics will post -1.92 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings 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 buying an additional 95,416 shares during the period. Bank of New York Mellon Corp boosted its holdings in Sorrento Therapeutics by 6.3% in the 4th quarter. Bank of New York Mellon Corp now owns 422,451 shares of the biopharmaceutical company’s stock worth $1,014,000 after buying an additional 25,085 shares during the period. Geode Capital Management LLC boosted its holdings in Sorrento Therapeutics by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock worth $2,522,000 after buying an additional 60,260 shares during the period. Metropolitan Life Insurance Co. NY boosted its holdings in Sorrento Therapeutics by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock worth $73,000 after buying an additional 23,595 shares during the period. Finally, Amalgamated Bank bought a new position in Sorrento Therapeutics in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 18.55% of the company’s stock.

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.

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