Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by BidaskClub from a "buy" rating to a "strong-buy" rating in a research note issued on Tuesday, BidAskClub reports.
SRNE has been the topic of several other research reports. ValuEngine cut shares of Sorrento Therapeutics from a "buy" rating to a "hold" rating in a research report on Thursday, July 2nd. Zacks Investment Research cut shares of Sorrento Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday. Dawson James assumed coverage on shares of Sorrento Therapeutics in a research report on Tuesday, May 26th. They set a "buy" rating and a $24.00 target price on the stock. Finally, HC Wainwright lifted their target price on shares of Sorrento Therapeutics from $24.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. The company currently has an average rating of "Buy" and an average price target of $20.75.
NASDAQ SRNE traded up $1.77 during trading hours on Tuesday, hitting $11.54. The company's stock had a trading volume of 114,307,924 shares, compared to its average volume of 26,632,616. Sorrento Therapeutics has a 52 week low of $1.39 and a 52 week high of $10.54. The company has a market capitalization of $2.42 billion, a PE ratio of -7.02 and a beta of 3.26. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 4.59. The company's 50-day simple moving average is $6.82 and its two-hundred day simple moving average is $4.08.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Monday, May 11th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of ($0.20) by ($0.06). Sorrento Therapeutics had a negative net margin of 754.90% and a negative return on equity of 576.10%. The business had revenue of $7.72 million during the quarter, compared to the consensus estimate of $10.00 million. Research analysts anticipate that Sorrento Therapeutics will post -0.76 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC purchased a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth approximately $25,000. Aperio Group LLC purchased a new stake in shares of Sorrento Therapeutics during the 1st quarter worth approximately $26,000. Windsor Creek Advisors LLC purchased a new stake in shares of Sorrento Therapeutics during the 1st quarter worth approximately $28,000. Finally, BT Wealth Management LLC purchased a new stake in shares of Sorrento Therapeutics during the 1st quarter worth approximately $28,000. Institutional investors own 16.14% 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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