Wealthcare Advisory Partners LLC bought a new position in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) during the first quarter, HoldingsChannel.com reports. The fund bought 8,000 shares of the biopharmaceutical company’s stock, valued at approximately $66,000.
Several other large investors also recently modified their holdings of SRNE. Kestra Advisory Services LLC purchased a new stake in Sorrento Therapeutics during the 4th quarter valued at about $131,000. Apollon Wealth Management LLC purchased a new position in Sorrento Therapeutics in the 4th quarter worth approximately $81,000. California Public Employees Retirement System raised its holdings in Sorrento Therapeutics by 10.4% in the 4th quarter. California Public Employees Retirement System now owns 553,287 shares of the biopharmaceutical company’s stock worth $3,776,000 after acquiring an additional 52,293 shares during the last quarter. American International Group Inc. lifted its position in Sorrento Therapeutics by 9.9% in the 4th quarter. American International Group Inc. now owns 145,494 shares of the biopharmaceutical company’s stock valued at $993,000 after acquiring an additional 13,128 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Sorrento Therapeutics by 22.9% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 8,852 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 27.43% of the company’s stock.
Several research firms recently commented on SRNE. B. Riley started coverage on Sorrento Therapeutics in a research report on Friday, January 29th. They set a “buy” rating and a $26.00 price objective on the stock. Alliance Global Partners started coverage on shares of Sorrento Therapeutics in a report on Thursday, January 21st. They set a “buy” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $24.80.
Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Friday, February 19th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.05). The business had revenue of $11.51 million for the quarter, compared to analysts’ expectations of $1.01 billion. Sorrento Therapeutics had a negative net margin of 698.01% and a negative return on equity of 314.06%. As a group, sell-side analysts predict that Sorrento Therapeutics, Inc. will post 5.01 EPS for the current fiscal year.
Sorrento Therapeutics Profile
Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutics by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugates, as well as bispecific antibody approaches; and Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system.
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