Sorrento Therapeutics (SRNE) Raised to Sell at BidaskClub

BidaskClub upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a strong sell rating to a sell rating in a research note issued to investors on Wednesday, BidAskClub reports.

A number of other analysts have also recently commented on SRNE. HC Wainwright set a $40.00 price target on Sorrento Therapeutics and gave the company a buy rating in a research note on Friday, March 22nd. B. Riley raised their price target on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Finally, Zacks Investment Research cut shares of Sorrento Therapeutics from a hold rating to a sell rating in a research note on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $20.67.

Shares of Sorrento Therapeutics stock opened at $3.64 on Wednesday. The company has a current ratio of 1.60, a quick ratio of 2.91 and a debt-to-equity ratio of 2.35. Sorrento Therapeutics has a 52-week low of $1.80 and a 52-week high of $8.25.

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in shares of Sorrento Therapeutics by 27.2% in the third quarter. Bank of New York Mellon Corp now owns 397,366 shares of the biopharmaceutical company’s stock worth $1,749,000 after acquiring an additional 84,947 shares during the period. BlackRock Inc. increased its holdings in shares of Sorrento Therapeutics by 23.7% during the third quarter. BlackRock Inc. now owns 7,470,822 shares of the biopharmaceutical company’s stock valued at $32,871,000 after acquiring an additional 1,429,170 shares in the last quarter. Man Group plc bought a new stake in Sorrento Therapeutics during the third quarter worth $1,118,000. MetLife Investment Advisors LLC grew its holdings in Sorrento Therapeutics by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 66,374 shares of the biopharmaceutical company’s stock worth $292,000 after buying an additional 23,595 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Sorrento Therapeutics by 62.2% in the 3rd quarter. AQR Capital Management LLC now owns 264,658 shares of the biopharmaceutical company’s stock valued at $1,164,000 after purchasing an additional 101,538 shares during the period. Hedge funds and other institutional investors own 25.86% of the company’s stock.

About Sorrento Therapeutics

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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