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

Equities researchers at StockNews.com started coverage on shares of Sorrento Therapeutics (NASDAQ:SRNE) in a report issued on Monday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Stock Performance

SRNE stock opened at $0.31 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.88 and a quick ratio of 0.79. The firm has a 50-day simple moving average of $0.12 and a 200-day simple moving average of $0.23. Sorrento Therapeutics has a 52 week low of $0.16 and a 52 week high of $3.09.

Hedge Funds Weigh In On Sorrento Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Moors & Cabot Inc. increased its stake in Sorrento Therapeutics by 431.9% during the first quarter. Moors & Cabot Inc. now owns 62,500 shares of the biopharmaceutical company’s stock worth $146,000 after acquiring an additional 50,750 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in Sorrento Therapeutics by 156.5% in the second quarter. Atria Wealth Solutions Inc. now owns 68,425 shares of the biopharmaceutical company’s stock valued at $138,000 after buying an additional 41,750 shares during the last quarter. Point72 Middle East FZE acquired a new position in Sorrento Therapeutics in the fourth quarter valued at approximately $116,000. US Bancorp DE raised its stake in Sorrento Therapeutics by 31.2% during the 1st quarter. US Bancorp DE now owns 41,810 shares of the biopharmaceutical company’s stock worth $97,000 after acquiring an additional 9,941 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Sorrento Therapeutics by 23.1% in the 2nd quarter. Creative Planning now owns 47,318 shares of the biopharmaceutical company’s stock valued at $95,000 after purchasing an additional 8,880 shares during the period. 34.48% of the stock is owned by hedge funds and other institutional investors.

About Sorrento Therapeutics

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.