Short Interest in Sorrento Therapeutics Inc (NASDAQ:SRNE) Grows By 10.1%

Sorrento Therapeutics Inc (NASDAQ:SRNE) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 12,630,000 shares, an increase of 10.1% from the August 30th total of 11,470,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 11.4 days. Approximately 13.3% of the company’s shares are short sold.

Shares of Sorrento Therapeutics stock traded down $0.03 on Monday, hitting $1.54. The company had a trading volume of 1,136,199 shares, compared to its average volume of 1,763,762. The firm has a market capitalization of $201.71 million, a P/E ratio of -0.80 and a beta of 2.40. Sorrento Therapeutics has a twelve month low of $1.39 and a twelve month high of $6.50. The company has a debt-to-equity ratio of 5.05, a current ratio of 0.83 and a quick ratio of 0.78. The stock has a 50-day moving average of $2.12 and a 200-day moving average of $2.92.

Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.01. The company had revenue of $6.48 million during the quarter, compared to analysts’ expectations of $7.50 million. Sorrento Therapeutics had a negative net margin of 1,107.37% and a negative return on equity of 136.52%. Equities analysts predict that Sorrento Therapeutics will post -2.09 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new position in shares of Sorrento Therapeutics in the second quarter valued at approximately $32,000. Centaurus Financial Inc. lifted its position 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 purchasing an additional 17,914 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 purchasing an additional 25,200 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position 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 purchasing an additional 14,943 shares in the last quarter. Finally, Bank of America Corp DE lifted its position 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 purchasing an additional 24,954 shares in the last quarter. Institutional investors own 21.50% of the company’s stock.

A number of brokerages recently issued reports on SRNE. Zacks Investment Research upgraded shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. BidaskClub cut shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Sorrento Therapeutics in a report on Monday, August 12th. ValuEngine upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, JMP Securities started coverage on shares of Sorrento Therapeutics in a report on Monday, October 7th. They issued an “outperform” rating and a $21.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $18.25.

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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