Sorrento Therapeutics Inc (NASDAQ:SRNE) shares fell 10.4% during trading on Thursday . The company traded as low as $3.10 and last traded at $3.26, 11,096,679 shares traded hands during trading. An increase of 363% from the average session volume of 2,395,361 shares. The stock had previously closed at $3.64.
SRNE has been the subject of several analyst reports. JMP Securities began coverage on Sorrento Therapeutics in a research report on Monday, October 7th. They issued an “outperform” rating and a $21.00 target price for the company. BidaskClub downgraded Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Sorrento Therapeutics in a research report on Monday, August 12th. ValuEngine cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Zacks Investment Research raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $1.75 price objective for the company in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $16.19.
The stock has a market cap of $536.37 million, a PE ratio of -1.70 and a beta of 2.70. The company has a current ratio of 0.60, a quick ratio of 0.56 and a debt-to-equity ratio of 43.15. The company’s 50 day moving average is $1.93 and its 200-day moving average is $2.40.
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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