Sorrento Therapeutics’ (SRNE) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Sorrento Therapeutics (NASDAQ:SRNE) in a research report released on Monday morning, AnalystRatings.com reports. HC Wainwright currently has a $30.00 price objective on the biopharmaceutical company’s stock.

“We ascribe a value of $5.5B based on a sum- of-the-parts approach, or a price per share of $30.00, assuming 183M projected fully-diluted shares outstanding as of mid-2020.”,” the firm’s analyst wrote.

A number of other brokerages have also recently commented on SRNE. Zacks Investment Research upgraded shares of Sorrento Therapeutics from a sell rating to a hold rating in a research report on Saturday, August 10th. BidaskClub cut shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research report on Wednesday, August 7th. Finally, ValuEngine upgraded shares of Sorrento Therapeutics from a hold rating to a buy rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Sorrento Therapeutics currently has an average rating of Buy and a consensus target price of $17.33.

SRNE opened at $2.07 on Monday. The company has a quick ratio of 1.54, a current ratio of 1.60 and a debt-to-equity ratio of 2.35. The company has a market cap of $268.51 million, a price-to-earnings ratio of -1.08 and a beta of 2.34. Sorrento Therapeutics has a 52-week low of $1.80 and a 52-week high of $6.50. The firm’s fifty day simple moving average is $2.48 and its two-hundred day simple moving average is $3.07.

Sorrento Therapeutics (NASDAQ:SRNE) last posted its quarterly earnings data on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.05. The business had revenue of $6.14 million for the quarter, compared to the consensus estimate of $8.02 million. Sorrento Therapeutics had a negative net margin of 1,323.09% and a negative return on equity of 102.94%. On average, research analysts forecast that Sorrento Therapeutics will post -1.92 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in SRNE. Deutsche Bank AG increased its position in Sorrento Therapeutics by 136.1% during the fourth quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock worth $2,273,000 after purchasing an additional 546,298 shares during the last quarter. Vanguard Group Inc. increased its position in Sorrento Therapeutics by 9.1% during the second quarter. Vanguard Group Inc. now owns 4,801,332 shares of the biopharmaceutical company’s stock worth $12,819,000 after purchasing an additional 398,489 shares during the last quarter. BlackRock Inc. increased its position in Sorrento Therapeutics by 3.5% during the second quarter. BlackRock Inc. now owns 7,810,546 shares of the biopharmaceutical company’s stock worth $20,855,000 after purchasing an additional 264,037 shares during the last quarter. Advisors Management Group Inc. ADV acquired a new stake in Sorrento Therapeutics during the first quarter worth about $941,000. Finally, Geode Capital Management LLC increased its position in Sorrento Therapeutics by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock worth $2,522,000 after purchasing an additional 60,260 shares during the last quarter. Hedge funds and other institutional investors own 18.55% of the company’s stock.

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: How do buyers and sellers choose a strike price?

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.