Sorrento Therapeutics (NASDAQ:SRNE) Rating Lowered to Strong Sell at BidaskClub

BidaskClub lowered shares of Sorrento Therapeutics (NASDAQ:SRNE) from a sell rating to a strong sell rating in a report published on Friday, September 14th.

Other research analysts have also recently issued reports about the stock. HC Wainwright set a $40.00 target price on shares of Sorrento Therapeutics and gave the company a buy rating in a research note on Friday, July 6th. B. Riley started coverage on shares of Sorrento Therapeutics in a research note on Thursday, June 28th. They issued a buy rating and a $14.25 target price on the stock. ValuEngine upgraded shares of Sorrento Therapeutics from a hold rating to a buy rating in a research note on Saturday, June 2nd. Finally, TheStreet cut shares of Sorrento Therapeutics from a c- rating to a d+ rating in a research note on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $21.08.

Sorrento Therapeutics stock traded down $0.08 during midday trading on Friday, hitting $3.96. 1,553,649 shares of the stock were exchanged, compared to its average volume of 2,522,608. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a market cap of $513.62 million, a PE ratio of 30.46 and a beta of 2.20. Sorrento Therapeutics has a 52-week low of $1.75 and a 52-week high of $10.65.

Sorrento Therapeutics (NASDAQ:SRNE) last released its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.53). The company had revenue of $3.91 million during the quarter, compared to analysts’ expectations of $3.28 million. Sorrento Therapeutics had a negative net margin of 15.76% and a negative return on equity of 11.88%. As a group, analysts predict that Sorrento Therapeutics will post -1.4 EPS for the current fiscal year.

In related news, major shareholder Abg Management Ltd sold 297,568 shares of the company’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $5.02, for a total transaction of $1,493,791.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter valued at approximately $100,000. SG Americas Securities LLC purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter valued at approximately $130,000. BlueMountain Capital Management LLC purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter valued at approximately $132,000. Verition Fund Management LLC purchased a new stake in shares of Sorrento Therapeutics during the 1st quarter valued at approximately $122,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter valued at approximately $218,000. Institutional investors own 24.88% 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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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