Sorrento Therapeutics (NASDAQ:SRNE) was downgraded by equities researchers at BidaskClub from a "buy" rating to a "hold" rating in a report issued on Wednesday, BidAskClub reports.
Several other equities analysts have also commented on the company. Zacks Investment Research upgraded Sorrento Therapeutics from a "hold" rating to a "buy" rating and set a $9.00 price target on the stock in a research note on Saturday, August 29th. HC Wainwright lifted their target price on Sorrento Therapeutics from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, ValuEngine lowered Sorrento Therapeutics from a "buy" rating to a "hold" rating in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of "Buy" and a consensus target price of $21.00.
Shares of Sorrento Therapeutics stock opened at $8.22 on Wednesday. The firm has a market cap of $2.15 billion, a P/E ratio of -5.04 and a beta of 2.93. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 1.83. Sorrento Therapeutics has a 12 month low of $1.45 and a 12 month high of $19.39. The stock's fifty day moving average price is $9.12 and its 200-day moving average price is $6.90.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.02. The firm had revenue of $9.01 million for the quarter, compared to analyst estimates of $7.90 million. Sorrento Therapeutics had a negative return on equity of 490.67% and a negative net margin of 760.19%. Analysts forecast that Sorrento Therapeutics will post 5.13 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Sorrento Therapeutics by 48.7% in the second quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company's stock valued at $61,344,000 after purchasing an additional 3,200,338 shares during the last quarter. Cormorant Asset Management LP grew its stake in shares of Sorrento Therapeutics by 30.0% during the second quarter. Cormorant Asset Management LP now owns 6,500,000 shares of the biopharmaceutical company's stock worth $40,820,000 after acquiring an additional 1,500,000 shares during the last quarter. State Street Corp grew its stake in shares of Sorrento Therapeutics by 0.6% during the first quarter. State Street Corp now owns 2,301,587 shares of the biopharmaceutical company's stock worth $4,235,000 after acquiring an additional 14,674 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Sorrento Therapeutics by 7.0% during the first quarter. Geode Capital Management LLC now owns 1,830,666 shares of the biopharmaceutical company's stock worth $3,368,000 after acquiring an additional 120,452 shares during the last quarter. Finally, Coatue Management LLC purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $8,478,000. Institutional investors own 24.09% of the company's stock.
About Sorrento Therapeutics
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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