American International Group Inc. Has $674,000 Stock Holdings in Sorrento Therapeutics Inc (NASDAQ:SRNE)

American International Group Inc. grew its position in Sorrento Therapeutics Inc (NASDAQ:SRNE) by 39.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 107,247 shares of the biopharmaceutical company’s stock after purchasing an additional 30,096 shares during the period. American International Group Inc.’s holdings in Sorrento Therapeutics were worth $674,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Sorrento Therapeutics during the second quarter worth $25,000. Valeo Financial Advisors LLC bought a new position in Sorrento Therapeutics in the second quarter valued at $25,000. Aperio Group LLC bought a new position in shares of Sorrento Therapeutics in the 1st quarter valued at about $26,000. Windsor Creek Advisors LLC bought a new position in shares of Sorrento Therapeutics in the 1st quarter valued at about $28,000. Finally, Glassman Wealth Services acquired a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth about $28,000. 24.09% of the stock is owned by institutional investors.

SRNE opened at $6.94 on Wednesday. Sorrento Therapeutics Inc has a fifty-two week low of $1.39 and a fifty-two week high of $19.39. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -4.26 and a beta of 2.93. The company’s 50 day moving average price is $9.71 and its two-hundred day moving average price is $5.47.

Sorrento Therapeutics (NASDAQ:SRNE) last posted its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. Sorrento Therapeutics had a negative net margin of 760.19% and a negative return on equity of 490.67%. The firm had revenue of $9.01 million for the quarter, compared to analyst estimates of $7.90 million. As a group, equities research analysts predict that Sorrento Therapeutics Inc will post 5.13 EPS for the current year.

SRNE has been the subject of several analyst reports. ValuEngine cut shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, July 2nd. Dawson James initiated coverage on shares of Sorrento Therapeutics in a research report on Tuesday, May 26th. They issued a “buy” rating and a $24.00 target price for the company. Zacks Investment Research upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a research report on Saturday, August 29th. HC Wainwright boosted their target price on shares of Sorrento Therapeutics from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, BidaskClub lowered shares of Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $21.00.

Sorrento Therapeutics Profile

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.

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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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