Price Action Don’t Lie: What Next for Sorrento Therapeutics Inc Stock After Today’s Big Increase?

Price Action Don't Lie: What Next for Sorrento Therapeutics Inc Stock After Today's Big Increase?

The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) is a huge mover today! About 151,875 shares traded hands. Sorrento Therapeutics Inc (NASDAQ:SRNE) has risen 28.15% since February 29, 2016 and is uptrending. It has outperformed by 15.93% the S&P500.
The move comes after 6 months positive chart setup for the $465.53 million company. It was reported on Oct, 3 by Barchart.com. We have $17.07 PT which if reached, will make NASDAQ:SRNE worth $535.36M more.

Analysts await Sorrento Therapeutics Inc (NASDAQ:SRNE) to report earnings on November, 21. They expect $-0.17 EPS, up 79.27% or $0.65 from last year’s $-0.82 per share. After $-0.28 actual EPS reported by Sorrento Therapeutics Inc for the previous quarter, Wall Street now forecasts -39.29% EPS growth.

Sorrento Therapeutics Inc (NASDAQ:SRNE) Ratings Coverage

Out of 6 analysts covering Sorrento Therapeutics (NASDAQ:SRNE), 6 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Sorrento Therapeutics has been the topic of 8 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Tuesday, April 5 by Rodman & Renshaw. FBR Capital initiated Sorrento Therapeutics Inc (NASDAQ:SRNE) on Tuesday, December 22 with “Outperform” rating. H.C. Wainwright initiated the stock with “Buy” rating in Monday, December 7 report. The stock has “Buy” rating given by rean on Wednesday, November 25. Rodman & Renshaw reinitiated the shares of SRNE in a report on Monday, December 7 with “Buy” rating. The firm earned “Buy” rating on Wednesday, November 25 by Brean Capital. The firm earned “Buy” rating on Wednesday, July 29 by Brean Capital. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) earned “Buy” rating by MLV on Monday, August 3.

According to Zacks Investment Research, “Sorrento Therapeutics, Inc. is a biopharmaceutical company. It is focused primarily on the acquisition, discovery, development and commercialization of proprietary oncology therapeutics. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease and infectious disease. Sorrento Therapeutics, Inc. is based in San Diego, California.”

Insitutional Activity: The institutional sentiment decreased to 0.63 in Q2 2016. Its down 0.34, from 0.97 in 2016Q1. The ratio dived, as 10 funds sold all Sorrento Therapeutics Inc shares owned while 17 reduced positions. 3 funds bought stakes while 14 increased positions. They now own 12.51 million shares or 0.54% less from 12.58 million shares in 2016Q1.
Bnp Paribas Arbitrage Sa last reported 1,122 shares in the company. Credit Suisse Ag owns 16,665 shares or 0% of their US portfolio. The Pennsylvania-based Susquehanna International Grp Inc Llp has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE). New York State Common Retirement Fund holds 0% or 25,900 shares in its portfolio. Franklin Res owns 339,400 shares or 0% of their US portfolio. Tfs Ltd Liability Corporation has 0.02% invested in the company for 21,668 shares. Blackrock Fund Advsr last reported 746,289 shares in the company. State Bank Of Montreal Can accumulated 0% or 488 shares. Legal General Group Public Limited Co has 0% invested in the company for 5,854 shares. Voya Investment Mgmt Ltd Liability owns 14,911 shares or 0% of their US portfolio. Morgan Stanley owns 11,480 shares or 0% of their US portfolio. Pnc Fincl Serv Gru has 0% invested in the company for 2,400 shares. Nationwide Fund Advsrs holds 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 18,347 shares. Cormorant Asset Management Ltd Liability Company accumulated 1.68% or 2.12M shares. The California-based California Public Employees Retirement has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE).

Insider Transactions: Since June 13, 2016, the stock had 0 insider purchases, and 3 insider sales for $466,147 net activity. Shares for $329,885 were sold by SOON-SHIONG PATRICK.

More notable recent Sorrento Therapeutics Inc (NASDAQ:SRNE) news were published by: Prnewswire.com which released: “ARK Animal Health, a Subsidiary of Sorrento Therapeutics, Announces Submission …” on September 27, 2016, also Prnewswire.com with their article: “Scintilla Pharmaceuticals, Inc., a Subsidiary of Sorrento Therapeutics, Inc …” published on August 15, 2016, Prnewswire.com published: “Sorrento Therapeutics engaged advisors for exploring strategic alternatives” on May 09, 2016. More interesting news about Sorrento Therapeutics Inc (NASDAQ:SRNE) were released by: Prnewswire.com and their article: “Sorrento Therapeutics to Present at Two Upcoming Conferences in New York City” published on August 30, 2016 as well as Prnewswire.com‘s news article titled: “SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Sorrento …” with publication date: August 23, 2016.

SRNE Company Profile

Sorrento Therapeutics, Inc., incorporated on December 4, 2009, is a biopharmaceutical company. The Firm is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. The Company’s primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases. The Company’s products in the pipeline include Chimeric Antigen Receptor-T Cell (CAR-T) programs for solid tumors, resiniferatoxin (RTX), a non-opiate, ultra-potent and selective agonist of the transient receptor potential cation channel subfamily V member 1 (TRPV-1) receptor for intractable pain in end-stage disease, and biosimilar/biobetter antibodies clinical development programs. The Company’s pipeline also includes preclinical fully human therapeutic monoclonal antibodies (mAbs), including biosimilars/biobetters, fully human anti-PD-L1 and anti-PD-1 checkpoint inhibitors derived from its G-MAB library platform, antibody drug conjugates (ADCs), bispecific antibodies (BsAbs), as well as CAR-T and Chimeric Antigen Receptor Natural Killer (NK) cells (CAR. NK) for adoptive cellular immunotherapy.

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