GSA Capital Partners LLP lowered its position in shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) by 66.9% during the second quarter, Holdings Channel reports. The fund owned 77,895 shares of the biopharmaceutical company’s stock after selling 157,600 shares during the quarter. GSA Capital Partners LLP’s holdings in Sorrento Therapeutics were worth $561,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Commonwealth Equity Services LLC grew its position in Sorrento Therapeutics by 7.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock worth $988,000 after acquiring an additional 9,146 shares during the last quarter. State of Wisconsin Investment Board bought a new stake in Sorrento Therapeutics during the 2nd quarter worth $638,000. Tibra Equities Europe Ltd bought a new stake in Sorrento Therapeutics during the 1st quarter worth $781,000. Strs Ohio bought a new stake in Sorrento Therapeutics during the 2nd quarter worth $334,000. Finally, UBS Group AG grew its position in Sorrento Therapeutics by 1,804.6% during the 1st quarter. UBS Group AG now owns 442,058 shares of the biopharmaceutical company’s stock worth $2,276,000 after acquiring an additional 418,848 shares during the last quarter. Institutional investors and hedge funds own 24.85% of the company’s stock.
A number of brokerages recently weighed in on SRNE. TheStreet lowered Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research report on Tuesday, July 24th. BidaskClub upgraded Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 26th. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. B. Riley began coverage on Sorrento Therapeutics in a report on Thursday, June 28th. They set a “buy” rating and a $14.25 target price on the stock. Finally, HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Monday, September 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $21.08.
In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 297,568 shares of Sorrento Therapeutics stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $5.02, for a total transaction of $1,493,791.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 6.00% of the stock is currently owned by insiders.
Shares of SRNE opened at $4.33 on Friday. The stock has a market cap of $577.83 million, a price-to-earnings ratio of 33.27 and a beta of 2.24. Sorrento Therapeutics Inc has a 12 month low of $1.67 and a 12 month high of $10.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.53). The company had revenue of $3.91 million for the quarter, compared to analyst estimates of $3.28 million. Sorrento Therapeutics had a negative return on equity of 11.88% and a negative net margin of 15.76%. equities research analysts forecast that Sorrento Therapeutics Inc will post -1.4 EPS for the current year.
Sorrento Therapeutics Profile
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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.
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