Sorrento Therapeutics (SRNE) Shares Gap Down to $6.55

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Sorrento Therapeutics Inc (NASDAQ:SRNE) shares gapped down before the market opened on Monday . The stock had previously closed at $6.75, but opened at $6.55. Sorrento Therapeutics shares last traded at $6.35, with a volume of 2670350 shares traded.

A number of research analysts have weighed in on the stock. BidaskClub raised shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 26th. HC Wainwright set a $40.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Thursday, April 12th. Finally, ValuEngine raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $15.75.

The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.02.

Several institutional investors and hedge funds have recently made changes to their positions in SRNE. MYDA Advisors LLC acquired a new position in shares of Sorrento Therapeutics during the fourth quarter valued at about $114,000. Verition Fund Management LLC acquired a new position in shares of Sorrento Therapeutics during the first quarter valued at about $122,000. Gotham Asset Management LLC acquired a new position in shares of Sorrento Therapeutics during the fourth quarter valued at about $163,000. Bank of New York Mellon Corp raised its position in shares of Sorrento Therapeutics by 62.8% during the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after buying an additional 21,064 shares during the last quarter. Finally, First Republic Investment Management Inc. raised its position in shares of Sorrento Therapeutics by 379.6% during the first quarter. First Republic Investment Management Inc. now owns 62,350 shares of the biopharmaceutical company’s stock valued at $321,000 after buying an additional 49,350 shares during the last quarter. 25.02% of the stock is owned by institutional investors and hedge funds.

Sorrento Therapeutics Company 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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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