The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) gapped up by $0.07 today and has $20.78 target or 154.00% above today’s $8.18 share price. The 7 months technical chart setup indicates low risk for the $479.60M company. The gap was reported on Oct, 4 by Barchart.com. If the $20.78 price target is reached, the company will be worth $738.58 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 5.68% or $0.44 during the last trading session, hitting $8.18. About 554,202 shares traded hands or 101.02% up from the average. Sorrento Therapeutics Inc (NASDAQ:SRNE) has risen 28.82% since March 1, 2016 and is uptrending. It has outperformed by 16.60% the S&P500.
Analysts await Sorrento Therapeutics Inc (NASDAQ:SRNE) to report earnings on November, 21. They expect $-0.17 earnings per share, up 79.27% or $0.65 from last year’s $-0.82 per share. After $-0.28 actual earnings per share 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. The rating was reinitiated by Rodman & Renshaw with “Buy” on Monday, December 7. FBR Capital initiated Sorrento Therapeutics Inc (NASDAQ:SRNE) on Tuesday, December 22 with “Outperform” rating. Brean Capital maintained Sorrento Therapeutics Inc (NASDAQ:SRNE) on Wednesday, November 25 with “Buy” rating. rean maintained it with “Buy” rating and $15 target price in Wednesday, November 25 report. The rating was initiated by H.C. Wainwright on Monday, December 7 with “Buy”. MLV reinitiated the stock with “Buy” rating in Monday, August 3 report. Brean Capital maintained the stock with “Buy” rating in Wednesday, July 29 report.
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 2016 Q2. 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.
Pnc Fincl Services Grp last reported 2,400 shares in the company. Geode Mngmt Limited Liability Com reported 193,045 shares or 0% of all its holdings. Teachers Advsr has 0% invested in the company for 44,388 shares. Citigroup Incorporated holds 6,000 shares or 0% of its portfolio. Deutsche National Bank Ag owns 147,543 shares or 0% of their US portfolio. Creative Planning holds 28,600 shares or 0% of its portfolio. Susquehanna Grp Incorporated Ltd Liability Partnership has invested 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE). First Republic Invest Mngmt Incorporated has invested 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE). Cam Grp A S, a Denmark-based fund reported 222,981 shares. Rhumbline Advisers holds 0% or 29,975 shares in its portfolio. Schwab Charles Inv Mngmt accumulated 0% or 39,855 shares. New York State Common Retirement Fund holds 0% or 25,900 shares in its portfolio. Matrix Asset Advsr Inc Ny last reported 23,128 shares in the company. Moreover, Gofen And Glossberg Limited Co Il has 0% invested in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 10,000 shares. Moreover, Alliancebernstein Ltd Partnership has 0% invested in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 31,551 shares.
Insider Transactions: Since June 13, 2016, the stock had 0 buys, and 3 selling transactions for $466,147 net activity. SOON-SHIONG PATRICK also sold $116,477 worth of Sorrento Therapeutics Inc (NASDAQ:SRNE) shares.
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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