Zacks Investment Research Lowers Sorrento Therapeutics (NASDAQ:SRNE) to Sell
According to Zacks, “Sorrento Therapeutics, Inc. is a biopharmaceutical company. It is focused primarily on the acquisition, discovery, development and commercialization of proprietary oncology therapeutics. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease and infectious disease. Sorrento Therapeutics, Inc. is based in San Diego, California. “
Other equities analysts have also recently issued research reports about the company. BidaskClub upgraded Misonix from a buy rating to a strong-buy rating in a research report on Wednesday, July 3rd. HC Wainwright set a $11.00 price target on Cerecor and gave the company a buy rating in a research report on Wednesday, April 17th. Finally, B. Riley boosted their price target on Sorrento Therapeutics from $10.50 to $12.00 and gave the company a buy rating in a research report on Wednesday, March 20th. 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 company. Sorrento Therapeutics presently has a consensus rating of Hold and an average target price of $20.67.
Sorrento Therapeutics (NASDAQ:SRNE) last issued its quarterly earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.05. The firm had revenue of $6.14 million for the quarter, compared to analysts’ expectations of $8.02 million. Sorrento Therapeutics had a negative return on equity of 102.94% and a negative net margin of 1,323.09%. As a group, equities research analysts forecast that Sorrento Therapeutics will post -1.27 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV acquired a new position in Sorrento Therapeutics in the 1st quarter valued at about $30,000. Paloma Partners Management Co acquired a new position in Sorrento Therapeutics in the 4th quarter valued at about $34,000. Amalgamated Bank acquired a new position in Sorrento Therapeutics in the 4th quarter valued at about $35,000. Metropolitan Life Insurance Co. NY increased its position in Sorrento Therapeutics by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock valued at $73,000 after acquiring an additional 23,595 shares during the period. Finally, BNP Paribas Arbitrage SA acquired a new position in Sorrento Therapeutics in the 1st quarter valued at about $116,000. Hedge funds and other institutional investors own 18.66% 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.
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