Brokerages Set Sorrento Therapeutics Inc (NASDAQ:SRNE) Price Target at $20.67

Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) have received a consensus recommendation of “Hold” from the seven research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $20.67.

Several brokerages have recently weighed in on SRNE. Zacks Investment Research downgraded shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. HC Wainwright set a $40.00 target price on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Friday, March 22nd. BidaskClub downgraded shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday. Finally, B. Riley increased their target price on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th.

SRNE stock opened at $2.41 on Thursday. Sorrento Therapeutics has a 52 week low of $1.80 and a 52 week high of $7.55. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.60 and a quick ratio of 1.54. The company’s fifty day simple moving average is $3.21.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.05. Sorrento Therapeutics had a negative net margin of 1,323.09% and a negative return on equity of 102.94%. The business had revenue of $6.14 million for the quarter, compared to the consensus estimate of $8.02 million. Research analysts anticipate that Sorrento Therapeutics will post -1.27 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of SRNE. Rhumbline Advisers grew its position in Sorrento Therapeutics by 64.7% during the fourth quarter. Rhumbline Advisers now owns 137,637 shares of the biopharmaceutical company’s stock worth $330,000 after buying an additional 54,072 shares in the last quarter. New York State Common Retirement Fund grew its position in Sorrento Therapeutics by 16.1% during the fourth quarter. New York State Common Retirement Fund now owns 93,700 shares of the biopharmaceutical company’s stock worth $225,000 after buying an additional 13,000 shares in the last quarter. BlackRock Inc. grew its position in Sorrento Therapeutics by 1.3% during the fourth quarter. BlackRock Inc. now owns 7,566,238 shares of the biopharmaceutical company’s stock worth $18,158,000 after buying an additional 95,416 shares in the last quarter. Bank of New York Mellon Corp grew its position in Sorrento Therapeutics by 6.3% during the fourth quarter. Bank of New York Mellon Corp now owns 422,451 shares of the biopharmaceutical company’s stock worth $1,014,000 after buying an additional 25,085 shares in the last quarter. Finally, Citigroup Inc. grew its position in Sorrento Therapeutics by 170.3% during the fourth quarter. Citigroup Inc. now owns 880,598 shares of the biopharmaceutical company’s stock worth $2,113,000 after buying an additional 554,869 shares in the last quarter. 18.66% of the stock is currently owned by institutional investors.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

Read More: Analyst Ratings Trading

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.