Sorrento Therapeutics (NASDAQ:SRNE) Shares Down 10.4%

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.

A number of large investors have recently bought and sold shares of the business. Millennium Management LLC grew its stake in shares of Sorrento Therapeutics by 797.9% during the third quarter. Millennium Management LLC now owns 38,313 shares of the biopharmaceutical company’s stock valued at $81,000 after acquiring an additional 34,046 shares in the last quarter. Barclays PLC increased its position in shares of Sorrento Therapeutics by 26.7% during the third quarter. Barclays PLC now owns 95,578 shares of the biopharmaceutical company’s stock worth $205,000 after acquiring an additional 20,162 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Sorrento Therapeutics by 9.6% in the third quarter. California State Teachers Retirement System now owns 194,436 shares of the biopharmaceutical company’s stock worth $416,000 after acquiring an additional 17,026 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Sorrento Therapeutics by 4,726.4% in the third quarter. Tower Research Capital LLC TRC now owns 13,900 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 13,612 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Sorrento Therapeutics in the third quarter valued at about $28,000. 18.31% of the stock is owned by institutional investors.

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.

Recommended Story: What is the CAC 40 Index?

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.