Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) have been given an average recommendation of “Hold” by the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $21.42.

SRNE has been the subject of several research reports. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, January 23rd. ValuEngine raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Oppenheimer set a $10.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Monday, November 12th. BidaskClub raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 3rd. Finally, Zacks Investment Research cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 2nd.

SRNE stock remained flat at $$2.27 during midday trading on Monday. The company’s stock had a trading volume of 719,632 shares, compared to its average volume of 1,373,184. Sorrento Therapeutics has a one year low of $1.95 and a one year high of $10.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $277.58 million, a P/E ratio of 17.46 and a beta of 2.51.

Sorrento Therapeutics (NASDAQ:SRNE) last posted its quarterly earnings data on Friday, November 9th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter. Sorrento Therapeutics had a negative net margin of 303.77% and a negative return on equity of 45.28%. The business had revenue of $4.11 million during the quarter. On average, sell-side analysts expect that Sorrento Therapeutics will post -1.73 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of SRNE. Bank of New York Mellon Corp boosted its stake 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 valued at $1,014,000 after purchasing an additional 25,085 shares during the period. BlackRock Inc. boosted its stake in Sorrento Therapeutics by 1.3% in the 4th quarter. BlackRock Inc. now owns 7,566,238 shares of the biopharmaceutical company’s stock valued at $18,158,000 after purchasing an additional 95,416 shares during the period. New York State Common Retirement Fund boosted its stake in Sorrento Therapeutics by 16.1% in the 4th quarter. New York State Common Retirement Fund now owns 93,700 shares of the biopharmaceutical company’s stock valued at $225,000 after purchasing an additional 13,000 shares during the period. InterOcean Capital LLC bought a new stake in Sorrento Therapeutics in the 4th quarter valued at $25,000. Finally, Virtus ETF Advisers LLC boosted its stake in Sorrento Therapeutics by 97.5% in the 4th quarter. Virtus ETF Advisers LLC now owns 123,823 shares of the biopharmaceutical company’s stock valued at $297,000 after purchasing an additional 61,132 shares during the period. 27.04% of the stock is owned by institutional investors.

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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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