StockNews.com Begins Coverage on Sorrento Therapeutics (NASDAQ:SRNE)

StockNews.com began coverage on shares of Sorrento Therapeutics (NASDAQ:SRNE – Get Rating) in a report issued on Sunday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued research reports about the stock. Dawson James downgraded shares of Sorrento Therapeutics from a “buy” rating to a “neutral” rating in a research report on Monday, February 13th. HC Wainwright lowered their price objective on shares of Sorrento Therapeutics from $20.00 to $13.00 in a research report on Tuesday, January 31st.

Sorrento Therapeutics Trading Up 6.5 %

Shares of SRNE stock opened at $0.32 on Friday. The firm has a fifty day moving average of $0.31 and a 200-day moving average of $0.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.88 and a quick ratio of 0.79. Sorrento Therapeutics has a 12-month low of $0.16 and a 12-month high of $3.09.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its position in Sorrento Therapeutics by 2.5% in the third quarter. State Street Corp now owns 40,669,276 shares of the biopharmaceutical company’s stock valued at $63,851,000 after purchasing an additional 1,008,177 shares in the last quarter. BlackRock Inc. grew its position in shares of Sorrento Therapeutics by 0.7% in the 3rd quarter. BlackRock Inc. now owns 34,179,567 shares of the biopharmaceutical company’s stock valued at $53,664,000 after acquiring an additional 229,010 shares during the period. Vanguard Group Inc. grew its position in shares of Sorrento Therapeutics by 7.8% in the 3rd quarter. Vanguard Group Inc. now owns 22,516,574 shares of the biopharmaceutical company’s stock valued at $35,351,000 after acquiring an additional 1,620,150 shares during the period. Geode Capital Management LLC grew its position in shares of Sorrento Therapeutics by 25.3% in the 4th quarter. Geode Capital Management LLC now owns 8,905,936 shares of the biopharmaceutical company’s stock valued at $7,890,000 after acquiring an additional 1,797,652 shares during the period. Finally, B. Riley Financial Inc. bought a new position in shares of Sorrento Therapeutics in the 4th quarter valued at about $4,622,000. Institutional investors own 34.48% of the company’s stock.

Sorrento Therapeutics Company Profile

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Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.