Sorrento Therapeutics (NASDAQ:SRNE) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com assumed coverage on shares of Sorrento Therapeutics (NASDAQ:SRNEGet Free Report) in a research note issued on Wednesday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Stock Up 100.0 %

NASDAQ SRNE opened at $0.02 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.79 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average price is $0.04 and its 200-day moving average price is $0.07. Sorrento Therapeutics has a 52-week low of $0.16 and a 52-week high of $3.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRNE. Frontier Wealth Management LLC acquired a new position in Sorrento Therapeutics in the 1st quarter valued at about $41,000. Verition Fund Management LLC acquired a new position in shares of Sorrento Therapeutics in the 2nd quarter valued at $44,000. FMR LLC raised its position in Sorrento Therapeutics by 293.3% during the 2nd quarter. FMR LLC now owns 21,987 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 16,396 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of Sorrento Therapeutics by 1,299.8% in the 3rd quarter. Captrust Financial Advisors now owns 30,697 shares of the biopharmaceutical company’s stock valued at $48,000 after purchasing an additional 28,504 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Sorrento Therapeutics by 22.5% during the 4th quarter. Amalgamated Bank now owns 61,373 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 11,289 shares in the last quarter. Hedge funds and other institutional investors own 34.48% of the company’s stock.

About Sorrento Therapeutics

(Get Free Report)

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.

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