Brokerages Set Sorrento Therapeutics, Inc. (SRNE) Price Target at $12.20

Sorrento Therapeutics, Inc. (NASDAQ:SRNE) has earned an average rating of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have covered the stock in the last year is $12.20.

Several research firms have weighed in on SRNE. UBS AG began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued an “outperform” rating and a $7.00 target price for the company. HC Wainwright set a $20.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Tuesday, June 27th. Oppenheimer Holdings, Inc. set a $7.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Tuesday, August 22nd. Finally, Roth Capital began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 target price for the company.

Shares of Sorrento Therapeutics (NASDAQ SRNE) traded up 2.00% on Tuesday, reaching $2.55. 426,812 shares of the company’s stock traded hands. The firm’s market capitalization is $175.88 million. The firm’s 50 day moving average is $2.06 and its 200 day moving average is $1.95. Sorrento Therapeutics has a 52 week low of $1.50 and a 52 week high of $7.08.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intellectus Partners LLC grew its position in Sorrento Therapeutics by 44.7% in the 2nd quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock valued at $3,172,000 after acquiring an additional 490,000 shares in the last quarter. Susquehanna International Group LLP acquired a new position in Sorrento Therapeutics in the 2nd quarter valued at about $306,000. Dimensional Fund Advisors LP grew its position in shares of 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 buying an additional 41,683 shares in the last quarter. Virtu KCG Holdings LLC grew its position in shares of 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 buying an additional 136,506 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Sorrento Therapeutics by 25.3% during the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after buying an additional 389,258 shares in the last quarter. 15.83% of the stock is owned by institutional investors.

Sorrento Therapeutics Company Profile

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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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