Brokerages Set Sorrento Therapeutics Inc (NASDAQ:SRNE) Target Price at $17.33

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Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) have earned an average rating of “Buy” from the six brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $17.33.

SRNE has been the topic of several research analyst reports. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Sorrento Therapeutics in a report on Monday, August 12th. Zacks Investment Research raised Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, BidaskClub lowered Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 7th.

Shares of SRNE stock opened at $2.28 on Tuesday. The stock’s fifty day moving average is $2.23 and its 200-day moving average is $3.06. The company has a debt-to-equity ratio of 5.05, a quick ratio of 0.78 and a current ratio of 0.83. The stock has a market capitalization of $307.80 million, a PE ratio of -1.19 and a beta of 2.46. Sorrento Therapeutics has a 52 week low of $1.80 and a 52 week high of $6.50.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. The company had revenue of $6.48 million for the quarter, compared to analysts’ expectations of $7.50 million. Sorrento Therapeutics had a negative return on equity of 119.51% and a negative net margin of 1,107.37%. As a group, analysts forecast that Sorrento Therapeutics will post -2.09 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA bought a new stake in shares of Sorrento Therapeutics in the first quarter worth about $116,000. Advisors Management Group Inc. ADV acquired a new position in Sorrento Therapeutics in the 1st quarter valued at $941,000. Charles Schwab Investment Management Inc. raised its holdings in Sorrento Therapeutics by 17.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 274,446 shares of the biopharmaceutical company’s stock valued at $733,000 after acquiring an additional 40,192 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Sorrento Therapeutics by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 453,057 shares of the biopharmaceutical company’s stock valued at $1,210,000 after acquiring an additional 16,906 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Sorrento Therapeutics by 1.3% in the 2nd quarter. Northern Trust Corp now owns 1,351,188 shares of the biopharmaceutical company’s stock valued at $3,607,000 after acquiring an additional 17,230 shares in the last quarter. 21.50% of the stock is currently owned by institutional investors and hedge funds.

Sorrento Therapeutics Company 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. 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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