Sorrento Therapeutics (NASDAQ:SRNE) Shares Gap Down to $1.63

Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) gapped down before the market opened on Thursday . The stock had previously closed at $1.63, but opened at $1.53. Sorrento Therapeutics shares last traded at $1.51, with a volume of 77,076 shares trading hands.

SRNE has been the topic of several recent research reports. HC Wainwright cut their target price on Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 25th. StockNews.com downgraded Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 21st.

The company has a market cap of $612.59 million, a P/E ratio of -1.33 and a beta of 2.43. The company has a current ratio of 1.62, a quick ratio of 1.55 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average price is $1.64 and its 200-day moving average price is $3.03.

A number of institutional investors have recently added to or reduced their stakes in SRNE. Morgan Stanley boosted its stake in Sorrento Therapeutics by 13.3% during the 2nd quarter. Morgan Stanley now owns 913,309 shares of the biopharmaceutical company’s stock worth $8,851,000 after acquiring an additional 107,324 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Sorrento Therapeutics by 3.5% in the third quarter. Goldman Sachs Group Inc. now owns 597,766 shares of the biopharmaceutical company’s stock valued at $4,561,000 after purchasing an additional 20,023 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Sorrento Therapeutics in the third quarter valued at approximately $270,000. AXA S.A. acquired a new stake in shares of Sorrento Therapeutics in the third quarter valued at approximately $227,000. Finally, Invesco Ltd. raised its holdings in shares of Sorrento Therapeutics by 23.8% in the third quarter. Invesco Ltd. now owns 120,343 shares of the biopharmaceutical company’s stock valued at $919,000 after purchasing an additional 23,142 shares during the last quarter. 27.04% of the stock is currently owned by institutional investors and hedge funds.

About Sorrento Therapeutics (NASDAQ:SRNE)

Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutic by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugate, as well as bispecific antibody approach; and Sofusa, a drug delivery technology that deliver biologic directly into the lymphatic system.

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