Sorrento Therapeutics (SRNE) Earns “Buy” Rating from HC Wainwright

Sorrento Therapeutics (NASDAQ:SRNE)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Tuesday, February 20th. They presently have a $35.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price would indicate a potential upside of 314.20% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Oppenheimer reissued a “buy” rating and issued a $9.00 price target on shares of Sorrento Therapeutics in a research note on Friday, January 19th. BidaskClub raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 6th. Finally, ValuEngine raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $15.00.

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Sorrento Therapeutics (NASDAQ:SRNE) traded up $0.50 during trading on Tuesday, hitting $8.45. 3,490,724 shares of the stock traded hands, compared to its average volume of 3,414,721. Sorrento Therapeutics has a twelve month low of $1.50 and a twelve month high of $10.65. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $669.48, a PE ratio of -9.55 and a beta of 1.53.

In related news, major shareholder Abg Management Ltd sold 310,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $7.64, for a total transaction of $2,368,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total transaction of $5,173,217.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,215,009 shares of company stock valued at $9,185,885 in the last ninety days. 5.00% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position in shares of Sorrento Therapeutics by 62.8% during the 4th quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock worth $207,000 after purchasing an additional 21,064 shares during the period. MYDA Advisors LLC purchased a new position in shares of Sorrento Therapeutics during the 4th quarter worth approximately $114,000. Monashee Investment Management LLC purchased a new position in shares of Sorrento Therapeutics during the 4th quarter worth approximately $119,000. Alambic Investment Management L.P. purchased a new position in shares of Sorrento Therapeutics during the 4th quarter worth approximately $151,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 shares during the period. 12.24% of the stock is owned by hedge funds and other institutional investors.

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About Sorrento Therapeutics

Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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