Zacks Investment Research Lowers Sorrento Therapeutics (NASDAQ:SRNE) to Sell

Sorrento Therapeutics (NASDAQ:SRNE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “Sorrento Therapeutics, Inc. is a biopharmaceutical company. It is focused primarily on the acquisition, discovery, development and commercialization of proprietary oncology therapeutics. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease and infectious disease. Sorrento Therapeutics, Inc. is based in San Diego, California. “

A number of other research firms also recently commented on SRNE. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Sorrento Therapeutics in a report on Monday, August 12th. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, BidaskClub downgraded Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $17.33.

SRNE opened at $2.31 on Thursday. Sorrento Therapeutics has a one year low of $1.80 and a one year high of $6.50. The company has a market cap of $301.25 million, a P/E ratio of -1.20 and a beta of 2.34. 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 business’s 50-day simple moving average is $2.41 and its 200-day simple moving average is $3.05.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRNE. Bank of New York Mellon Corp grew its stake in Sorrento Therapeutics by 6.3% during the 4th quarter. Bank of New York Mellon Corp now owns 422,451 shares of the biopharmaceutical company’s stock worth $1,014,000 after buying an additional 25,085 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Sorrento Therapeutics during the 1st quarter worth approximately $30,000. Sigma Planning Corp grew its stake in Sorrento Therapeutics by 100.0% during the 1st quarter. Sigma Planning Corp now owns 40,500 shares of the biopharmaceutical company’s stock worth $192,000 after buying an additional 20,250 shares during the last quarter. Deutsche Bank AG grew its stake in Sorrento Therapeutics by 136.1% during the 4th quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock worth $2,273,000 after buying an additional 546,298 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Sorrento Therapeutics by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock worth $2,522,000 after buying an additional 60,260 shares during the last quarter. Institutional investors and hedge funds own 17.62% of the company’s stock.

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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