Zacks Investment Research Lowers Sorrento Therapeutics (NASDAQ:SRNE) to Sell

Zacks Investment Research cut shares of Sorrento Therapeutics (NASDAQ:SRNE) from a hold rating to a sell rating in a research note released on Thursday, Zacks.com reports.

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 research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Sorrento Therapeutics from a hold rating to a buy rating in a research report on Thursday, August 1st. BidaskClub downgraded shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. Finally, HC Wainwright restated a buy rating and set a $30.00 target price on shares of Sorrento Therapeutics in a research report on Monday, August 12th. Two analysts have rated the stock with a sell rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $17.33.

Sorrento Therapeutics stock opened at $2.10 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 5.05. 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 $275.06 million, a PE ratio of -1.09 and a beta of 2.34. The company’s 50-day moving average is $2.40 and its two-hundred day moving average is $3.06.

A number of institutional investors have recently added to or reduced their stakes in SRNE. CVI Holdings LLC acquired a new position in Sorrento Therapeutics during the 2nd quarter valued at about $3,742,000. Deutsche Bank AG increased its stake in shares of Sorrento Therapeutics by 136.1% in the 4th quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock valued at $2,273,000 after acquiring an additional 546,298 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Sorrento Therapeutics by 9.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,801,332 shares of the biopharmaceutical company’s stock valued at $12,819,000 after acquiring an additional 398,489 shares during the last quarter. BlackRock Inc. increased its stake in shares of Sorrento Therapeutics by 3.5% in the 2nd quarter. BlackRock Inc. now owns 7,810,546 shares of the biopharmaceutical company’s stock valued at $20,855,000 after acquiring an additional 264,037 shares during the last quarter. Finally, Advisors Management Group Inc. ADV bought a new stake in shares of Sorrento Therapeutics in the 1st quarter valued at about $941,000. Institutional investors own 17.62% 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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