Sorrento Therapeutics (NASDAQ:SRNE) Shares Gap Up to $1.13

Sorrento Therapeutics, Inc. (NASDAQ:SRNE – Get Rating) shares gapped up prior to trading on Tuesday . The stock had previously closed at $1.13, but opened at $1.18. Sorrento Therapeutics shares last traded at $1.14, with a volume of 20,773 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SRNE shares. StockNews.com started coverage on shares of Sorrento Therapeutics in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Cantor Fitzgerald started coverage on shares of Sorrento Therapeutics in a research report on Wednesday, November 2nd. They issued an “overweight” rating and a $5.00 price target for the company.

Sorrento Therapeutics Trading Up 2.6 %

The firm’s fifty day moving average price is $1.16 and its 200 day moving average price is $1.73. 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 (NASDAQ:SRNE – Get Rating) last released its earnings results on Tuesday, November 8th. The biopharmaceutical company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.05. Sorrento Therapeutics had a negative net margin of 818.22% and a negative return on equity of 282.82%. The firm had revenue of $17.40 million for the quarter, compared to the consensus estimate of $11.69 million. On average, equities research analysts predict that Sorrento Therapeutics, Inc. will post -0.86 EPS for the current year.

Institutional Investors Weigh In On Sorrento Therapeutics

Hedge funds have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. raised its stake in Sorrento Therapeutics by 11.2% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 100,053 shares of the biopharmaceutical company’s stock valued at $157,000 after purchasing an additional 10,095 shares in the last quarter. Virtus ETF Advisers LLC raised its stake in Sorrento Therapeutics by 189.2% during the second quarter. Virtus ETF Advisers LLC now owns 73,547 shares of the biopharmaceutical company’s stock valued at $148,000 after purchasing an additional 48,120 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Sorrento Therapeutics during the second quarter valued at $79,000. Acorn Wealth Advisors LLC raised its stake in Sorrento Therapeutics by 34.1% during the second quarter. Acorn Wealth Advisors LLC now owns 32,210 shares of the biopharmaceutical company’s stock valued at $65,000 after purchasing an additional 8,192 shares in the last quarter. Finally, Xponance Inc. increased its position in Sorrento Therapeutics by 42.9% during the second quarter. Xponance Inc. now owns 20,288 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 6,088 shares during the last quarter. Hedge funds and other institutional investors own 34.48% of the company’s stock.

Sorrento Therapeutics Company Profile

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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.