Zacks Investment Research Upgrades Sorrento Therapeutics (NASDAQ:SRNE) to “Buy”

Sorrento Therapeutics (NASDAQ:SRNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $1.75 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 15.13% from the stock’s current price.

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. “

Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Sorrento Therapeutics in a report on Monday, August 12th. BidaskClub downgraded shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Finally, JMP Securities initiated coverage on shares of Sorrento Therapeutics in a research note on Monday, October 7th. They issued an “outperform” rating and a $21.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $14.95.

SRNE stock traded down $0.03 during midday trading on Tuesday, hitting $1.52. 563,325 shares of the company traded hands, compared to its average volume of 2,297,312. Sorrento Therapeutics has a twelve month low of $1.39 and a twelve month high of $6.50. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 5.05. The business has a 50 day simple moving average of $2.05 and a 200-day simple moving average of $2.82. The stock has a market capitalization of $205.61 million, a price-to-earnings ratio of -0.79 and a beta of 2.40.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. Sorrento Therapeutics had a negative return on equity of 119.51% and a negative net margin of 1,107.37%. The company had revenue of $6.48 million for the quarter, compared to the consensus estimate of $7.50 million. Equities research analysts forecast that Sorrento Therapeutics will post -2.08 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Jane Street Group LLC acquired a new stake in shares of Sorrento Therapeutics in the second quarter worth $32,000. Centaurus Financial Inc. grew its stake in shares of Sorrento Therapeutics by 20,830.2% in the second quarter. Centaurus Financial Inc. now owns 18,000 shares of the biopharmaceutical company’s stock worth $48,000 after acquiring an additional 17,914 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Sorrento Therapeutics by 191.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 38,372 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 25,200 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Sorrento Therapeutics by 39.4% in the second quarter. UBS Asset Management Americas Inc. now owns 52,896 shares of the biopharmaceutical company’s stock worth $141,000 after acquiring an additional 14,943 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Sorrento Therapeutics by 12.7% in the second quarter. Bank of America Corp DE now owns 220,844 shares of the biopharmaceutical company’s stock worth $590,000 after acquiring an additional 24,954 shares during the last quarter. Institutional investors and hedge funds own 21.09% 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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