Sorrento Therapeutics (NASDAQ:SRNE) Earns Hold Rating from Analysts at StockNews.com

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

Sorrento Therapeutics Price Performance

Shares of SRNE opened at $0.03 on Friday. The company has a 50 day moving average of $0.02 and a two-hundred day moving average of $0.06. Sorrento Therapeutics has a twelve month low of $0.16 and a twelve month high of $3.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.79 and a current ratio of 0.88.

Institutional Inflows and Outflows

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