Sorrento Therapeutics (NASDAQ:SRNE) Receives “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Sorrento Therapeutics (NASDAQ:SRNE) in a research note released on Tuesday, January 16th, MarketBeat Ratings reports. They currently have a $30.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $20.00.

Several other equities research analysts have also commented on the company. BidaskClub upgraded Sorrento Therapeutics from a hold rating to a buy rating in a research note on Saturday, January 6th. ValuEngine upgraded Sorrento Therapeutics from a strong sell rating to a sell rating in a research note on Wednesday, January 3rd. Finally, Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the stock a buy rating in a research note on Wednesday, November 15th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $13.67.

Shares of Sorrento Therapeutics (SRNE) traded down $0.25 during trading on Tuesday, hitting $6.80. The company had a trading volume of 2,725,381 shares, compared to its average volume of 2,861,606. Sorrento Therapeutics has a 1 year low of $1.50 and a 1 year high of $8.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18. The stock has a market cap of $562.31, a price-to-earnings ratio of -9.31 and a beta of 2.53.

In other news, major shareholder Abg Management Ltd sold 150,000 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $7.19, for a total transaction of $1,078,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The disclosure for this sale can be found here. Insiders have sold 1,215,009 shares of company stock worth $9,185,885 over the last 90 days. 5.00% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of SRNE. Vanguard Group Inc. increased its holdings in Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after buying an additional 389,258 shares during the last quarter. Intellectus Partners LLC increased its holdings in Sorrento Therapeutics by 44.7% in the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock valued at $3,172,000 after buying an additional 490,000 shares during the last quarter. BlackRock Inc. increased its holdings in Sorrento Therapeutics by 45.0% in the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after buying an additional 300,518 shares during the last quarter. Virtu KCG Holdings LLC increased its holdings in Sorrento Therapeutics by 497.7% in the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock valued at $328,000 after buying an additional 136,506 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new position in Sorrento Therapeutics in the second quarter valued at $306,000. 11.93% of the stock is currently owned by institutional investors and hedge funds.

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About Sorrento Therapeutics

Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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