Sorrento Therapeutics (NASDAQ:SRNE) Now Covered by StockNews.com

Stock analysts at StockNews.com started coverage on shares of Sorrento Therapeutics (NASDAQ:SRNE) in a research note issued on Thursday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Price Performance

Sorrento Therapeutics stock opened at $0.01 on Thursday. 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 twelve month low of $0.16 and a twelve month high of $3.09. The company’s 50-day moving average price is $0.03 and its two-hundred day moving average price is $0.07.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in shares of Sorrento Therapeutics by 2.5% during the 3rd quarter. State Street Corp now owns 40,669,276 shares of the biopharmaceutical company’s stock worth $63,851,000 after purchasing an additional 1,008,177 shares in the last quarter. BlackRock Inc. boosted its position in shares of Sorrento Therapeutics by 0.7% during the 3rd quarter. BlackRock Inc. now owns 34,179,567 shares of the biopharmaceutical company’s stock worth $53,664,000 after acquiring an additional 229,010 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Sorrento Therapeutics by 7.8% during the 3rd quarter. Vanguard Group Inc. now owns 22,516,574 shares of the biopharmaceutical company’s stock worth $35,351,000 after acquiring an additional 1,620,150 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Sorrento Therapeutics by 25.3% during the 4th quarter. Geode Capital Management LLC now owns 8,905,936 shares of the biopharmaceutical company’s stock worth $7,890,000 after acquiring an additional 1,797,652 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Sorrento Therapeutics by 23.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,508,377 shares of the biopharmaceutical company’s stock worth $3,108,000 after acquiring an additional 674,716 shares in the last quarter. Institutional investors and hedge funds own 34.48% of the company’s stock.

Sorrento Therapeutics Company Profile

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.