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TSLA   1,485.00 (+0.00%)
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S&P 500   3,322.98 (-0.14%)
DOW   27,178.46 (-0.08%)
QQQ   270.78 (-0.10%)
TSLA   1,485.00 (+0.00%)
BA   173.30 (-0.56%)
S&P 500   3,322.98 (-0.14%)
DOW   27,178.46 (-0.08%)
QQQ   270.78 (-0.10%)
TSLA   1,485.00 (+0.00%)
BA   173.30 (-0.56%)
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BidaskClub Upgrades Sorrento Therapeutics (NASDAQ:SRNE) to Strong-Buy

Last updated on Tuesday, August 4, 2020 | 2020 MarketBeat

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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