BidaskClub Upgrades Sorrento Therapeutics (SRNE) to Strong-Buy

Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

A number of other research firms have also recently weighed in on SRNE. Oppenheimer reissued a “buy” rating and issued a $9.00 price objective on shares of Sorrento Therapeutics in a research report on Friday, January 19th. ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target (up previously from $20.00) on shares of Sorrento Therapeutics in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $13.67.

Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at $8.75 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $694.07, a price-to-earnings ratio of -20.83 and a beta of 1.94. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $9.55.

In other Sorrento Therapeutics news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of Sorrento Therapeutics stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total transaction of $5,173,217.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Abg Management Ltd sold 310,000 shares of Sorrento Therapeutics stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $7.64, for a total value of $2,368,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Gotham Asset Management LLC acquired a new stake in Sorrento Therapeutics during the 4th quarter worth about $163,000. Millennium Management LLC lifted its position in Sorrento Therapeutics by 127.3% during the 4th quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock worth $4,773,000 after acquiring an additional 703,505 shares during the period. MYDA Advisors LLC acquired a new stake in Sorrento Therapeutics during the 4th quarter worth about $114,000. Monashee Investment Management LLC acquired a new stake in Sorrento Therapeutics during the 4th quarter worth about $119,000. Finally, BlackRock Inc. lifted its position in Sorrento Therapeutics by 45.0% during the 4th quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock worth $3,680,000 after acquiring an additional 300,518 shares during the period. 11.98% of the stock is owned by institutional investors.

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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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