HC Wainwright Analysts Give Sorrento Therapeutics, Inc. (SRNE) a $20.00 Price Target
HC Wainwright set a $20.00 price objective on Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research report report published on Wednesday morning. The firm currently has a buy rating on the biopharmaceutical company’s stock.
A number of other research analysts have also issued reports on SRNE. Oppenheimer Holdings, Inc. set a $7.00 target price on shares of Sorrento Therapeutics and gave the company a buy rating in a report on Thursday, August 10th. Roth Capital began coverage on shares of Sorrento Therapeutics in a report on Thursday, August 3rd. They issued a buy rating and a $7.00 target price on the stock. FBR & Co restated a buy rating on shares of Sorrento Therapeutics in a report on Saturday, June 17th. UBS AG began coverage on shares of Sorrento Therapeutics in a report on Thursday, August 3rd. They issued an outperform rating and a $7.00 target price on the stock. Finally, Rodman & Renshaw reduced their target price on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a buy rating on the stock in a report on Monday, May 22nd. Six analysts have rated the stock with a buy rating, The company has a consensus rating of Buy and an average target price of $11.67.
Shares of Sorrento Therapeutics (NASDAQ SRNE) remained flat at $1.80 during midday trading on Wednesday. 290,374 shares of the stock traded hands. The stock has a 50-day moving average price of $1.85 and a 200-day moving average price of $2.56. The company’s market capitalization is $124.15 million. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $8.35.
In related news, insider Henry Ji acquired 29,001 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was bought at an average price of $1.81 per share, with a total value of $52,491.81. Following the purchase, the insider now directly owns 139,776 shares in the company, valued at approximately $252,994.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Sorrento Therapeutics by 408.4% in the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 41,683 shares during the period. KCG Holdings Inc. acquired a new stake in Sorrento Therapeutics during the first quarter worth about $108,000. Matrix Asset Advisors Inc. NY increased its stake in Sorrento Therapeutics by 227.3% in the second quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock worth $144,000 after buying an additional 50,000 shares during the period. LMR Partners LLP acquired a new stake in Sorrento Therapeutics during the second quarter worth about $177,000. Finally, Crow Point Partners LLC acquired a new stake in Sorrento Therapeutics during the second quarter worth about $200,000. 16.32% of the stock is owned by hedge funds and other institutional investors.
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.
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