Sorrento Therapeutics (NASDAQ:SRNE) Shares Up 10.4%

Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) shot up 10.4% on Tuesday . The stock traded as high as $1.86 and last traded at $1.86. 59,024 shares were traded during mid-day trading, a decline of 99% from the average session volume of 8,670,702 shares. The stock had previously closed at $1.68.

Several research firms have recently weighed in on SRNE. StockNews.com downgraded Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 21st. HC Wainwright decreased their price target on Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 25th.

The company has a quick ratio of 1.55, a current ratio of 1.62 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average of $1.62 and a two-hundred day moving average of $2.91. The stock has a market capitalization of $797.35 million, a price-to-earnings ratio of -1.67 and a beta of 2.43.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. acquired a new stake in Sorrento Therapeutics in the third quarter valued at $26,000. Goelzer Investment Management Inc. acquired a new stake in Sorrento Therapeutics in the first quarter valued at $28,000. Stratos Wealth Partners LTD. acquired a new stake in Sorrento Therapeutics in the first quarter valued at $30,000. Telemus Capital LLC acquired a new stake in Sorrento Therapeutics in the first quarter valued at $31,000. Finally, Lindbrook Capital LLC lifted its holdings in Sorrento Therapeutics by 2,344.1% in the fourth quarter. Lindbrook Capital LLC now owns 8,481 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 8,134 shares during the period. 27.04% of the stock is owned by hedge funds and other institutional investors.

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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