Sorrento Therapeutics (SRNE) PT Set at $40.00 by HC Wainwright

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HC Wainwright set a $40.00 price objective on Sorrento Therapeutics (NASDAQ:SRNE) in a research note published on Wednesday, TipRanks reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Sorrento Therapeutics from a sell rating to a strong sell rating in a research note on Tuesday, January 22nd. ValuEngine downgraded shares of Sorrento Therapeutics from a buy rating to a hold rating in a research note on Wednesday, January 2nd. B. Riley raised their price objective on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Finally, Zacks Investment Research downgraded shares of Sorrento Therapeutics from a hold rating to a sell rating in a research note on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $20.67.

Shares of Sorrento Therapeutics stock opened at $3.84 on Wednesday. The firm has a market capitalization of $469.56 million, a PE ratio of 29.54 and a beta of 2.64. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.91 and a current ratio of 2.91. Sorrento Therapeutics has a 1 year low of $1.80 and a 1 year high of $8.25.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. D. E. Shaw & Co. Inc. boosted its stake in Sorrento Therapeutics by 0.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 894,000 shares of the biopharmaceutical company’s stock worth $2,145,000 after buying an additional 7,384 shares in the last quarter. InterOcean Capital LLC acquired a new stake in Sorrento Therapeutics during the fourth quarter worth $25,000. Mercer Global Advisors Inc. ADV acquired a new stake in Sorrento Therapeutics during the first quarter worth $30,000. New York State Common Retirement Fund boosted its stake 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. Finally, Paloma Partners Management Co acquired a new stake in Sorrento Therapeutics during the fourth quarter worth $34,000. Hedge funds and other institutional investors own 25.64% of the company’s stock.

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. 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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