Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.50, but opened at $3.80. Sorrento Therapeutics shares last traded at $4.65, with a volume of 3692500 shares changing hands.

SRNE has been the subject of several research reports. Oppenheimer set a $6.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, November 15th. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Sorrento Therapeutics in a research report on Thursday, October 5th. BidaskClub upgraded shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Finally, ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $11.50.

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $412.47, a PE ratio of -12.38 and a beta of 1.04.

A number of large investors have recently modified their holdings of SRNE. Dimensional Fund Advisors LP boosted its position in Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 shares during the period. JPMorgan Chase & Co. boosted its position in Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 44,294 shares during the period. Marshall Wace North America L.P. bought a new position in Sorrento Therapeutics during the second quarter worth about $230,000. Susquehanna International Group LLP bought a new position in Sorrento Therapeutics during the second quarter worth about $306,000. Finally, Virtu KCG Holdings LLC boosted its position in Sorrento Therapeutics by 497.7% during the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock worth $328,000 after purchasing an additional 136,506 shares during the period. Hedge funds and other institutional investors own 11.92% of the company’s stock.

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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.

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