Sorrento Therapeutics Inc (NASDAQ:SRNE) shares fell 10.9% during mid-day trading on Wednesday . The company traded as low as $9.47 and last traded at $9.60. 60,582,600 shares were traded during mid-day trading, an increase of 122% from the average session volume of 27,325,549 shares. The stock had previously closed at $10.78.
A number of analysts recently issued reports on the company. ValuEngine downgraded Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, July 2nd. HC Wainwright raised their price objective on Sorrento Therapeutics from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BidaskClub downgraded Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 25th. Finally, Zacks Investment Research raised Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a research report on Saturday, August 29th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $21.00.
The business has a fifty day moving average of $9.75 and a 200 day moving average of $5.79. The company has a market capitalization of $2.22 billion, a PE ratio of -5.64 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 (NASDAQ:SRNE) last announced its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Sorrento Therapeutics had a negative return on equity of 490.67% and a negative net margin of 760.19%. The company had revenue of $9.01 million during the quarter, compared to analysts’ expectations of $7.90 million. Equities analysts forecast that Sorrento Therapeutics Inc will post 5.13 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in SRNE. Vanguard Group Inc. increased its holdings in shares of 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 period. Cormorant Asset Management LP lifted its position in shares of Sorrento Therapeutics by 30.0% in the second quarter. Cormorant Asset Management LP now owns 6,500,000 shares of the biopharmaceutical company’s stock valued at $40,820,000 after acquiring an additional 1,500,000 shares in the last quarter. Coatue Management LLC purchased a new stake in shares of Sorrento Therapeutics in the second quarter valued at $8,478,000. Alliancebernstein L.P. lifted its position in shares of Sorrento Therapeutics by 146.3% in the first quarter. Alliancebernstein L.P. now owns 673,400 shares of the biopharmaceutical company’s stock valued at $1,239,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Sorrento Therapeutics in the second quarter valued at $2,038,000. Institutional investors and hedge funds own 24.09% of the company’s stock.
About Sorrento Therapeutics (NASDAQ:SRNE)
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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