Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Wednesday, BidAskClub reports.

SRNE has been the topic of several other reports. B. Riley boosted their price objective on Sorrento Therapeutics from $10.50 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Zacks Investment Research downgraded Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $20.67.

Shares of Sorrento Therapeutics stock traded up $0.09 during trading hours on Wednesday, hitting $3.90. The company’s stock had a trading volume of 1,992,787 shares, compared to its average volume of 2,341,680. Sorrento Therapeutics has a 12-month low of $1.80 and a 12-month high of $8.25. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.91 and a current ratio of 2.91.

Institutional investors have recently made changes to their positions in the company. InterOcean Capital LLC purchased a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $25,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Sorrento Therapeutics in the first quarter valued at about $59,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of Sorrento Therapeutics in the first quarter valued at about $30,000. Paloma Partners Management Co purchased a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $34,000. Finally, Amalgamated Bank purchased a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 25.86% 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.

Further Reading: How do analysts define an oversold condition?

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.