Sorrento Therapeutics (NASDAQ:SRNE) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Sorrento Therapeutics (NASDAQ:SRNE) from a hold rating to a buy rating in a report released on Thursday morning, ValuEngine reports.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Sorrento Therapeutics from a hold rating to a sell rating in a research note on Friday, July 26th. BidaskClub upgraded shares of Sorrento Therapeutics from a strong sell rating to a sell rating in a research note on Tuesday, July 23rd. Finally, HC Wainwright decreased their price target on shares of Sorrento Therapeutics from $40.00 to $30.00 and set a buy rating on the stock in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $17.33.

Shares of NASDAQ:SRNE traded down $0.10 on Thursday, hitting $2.29. The company had a trading volume of 36,498 shares, compared to its average volume of 922,619. The company has a current ratio of 1.60, a quick ratio of 1.54 and a debt-to-equity ratio of 2.35. The stock’s 50 day moving average is $2.84. Sorrento Therapeutics has a 1-year low of $1.80 and a 1-year high of $6.50. The company has a market cap of $285.73 million, a PE ratio of -1.19 and a beta of 2.34.

Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.05. Sorrento Therapeutics had a negative net margin of 1,323.09% and a negative return on equity of 102.94%. The business had revenue of $6.14 million for the quarter, compared to the consensus estimate of $8.02 million. On average, equities analysts predict that Sorrento Therapeutics will post -1.92 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV acquired a new position in shares of Sorrento Therapeutics in the first quarter valued at approximately $30,000. Amalgamated Bank acquired a new stake in Sorrento Therapeutics during the 4th quarter valued at approximately $35,000. Metropolitan Life Insurance Co. NY increased its position in Sorrento Therapeutics by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 23,595 shares during the period. BNP Paribas Arbitrage SA acquired a new stake in Sorrento Therapeutics during the 1st quarter valued at approximately $116,000. Finally, Sigma Planning Corp increased its position in Sorrento Therapeutics by 100.0% during the 1st quarter. Sigma Planning Corp now owns 40,500 shares of the biopharmaceutical company’s stock valued at $192,000 after purchasing an additional 20,250 shares during the period. Institutional investors and hedge funds own 18.63% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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