Sorrento Therapeutics Inc (NASDAQ:SRNE) shot up 5.6% during mid-day trading on Friday . The stock traded as high as $2.65 and last traded at $2.64, 627,258 shares were traded during mid-day trading. A decline of 68% from the average session volume of 1,946,709 shares. The stock had previously closed at $2.50.
A number of equities research analysts have recently weighed in on SRNE shares. Zacks Investment Research lowered shares of Celestica from a “buy” rating to a “hold” rating in a report on Friday. BidaskClub lowered shares of YY from a “sell” rating to a “strong sell” rating in a report on Tuesday. Finally, HC Wainwright reissued a “buy” rating and set a $11.00 price objective on shares of Chiasma in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Sorrento Therapeutics presently has a consensus rating of “Hold” and an average price target of $17.33.
The company has a market capitalization of $323.75 million, a PE ratio of -1.38 and a beta of 2.40. The company has a quick ratio of 1.54, a current ratio of 1.60 and a debt-to-equity ratio of 2.35. The company’s fifty day simple moving average is $2.89.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings data on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.05. The firm had revenue of $6.14 million for the quarter, compared to analyst estimates of $8.02 million. Sorrento Therapeutics had a negative net margin of 1,323.09% and a negative return on equity of 102.94%. Sell-side analysts anticipate that Sorrento Therapeutics Inc will post -1.92 EPS for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. D. E. Shaw & Co. Inc. grew its holdings in shares of Sorrento Therapeutics by 0.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 894,000 shares of the biopharmaceutical company’s stock valued at $2,145,000 after buying an additional 7,384 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Sorrento Therapeutics in the first quarter valued at $30,000. New York State Common Retirement Fund boosted its holdings in Sorrento Therapeutics by 16.1% in the fourth quarter. New York State Common Retirement Fund now owns 93,700 shares of the biopharmaceutical company’s stock valued at $225,000 after purchasing an additional 13,000 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Sorrento Therapeutics in the fourth quarter valued at $34,000. Finally, Amalgamated Bank purchased a new stake in Sorrento Therapeutics in the fourth quarter valued at $35,000. 18.63% of the stock is currently owned by hedge funds and other institutional investors.
Sorrento Therapeutics Company Profile (NASDAQ:SRNE)
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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