The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) is a huge mover today! The stock decreased 3.76% or $0.3 during the last trading session, hitting $7.67. About 342,409 shares traded hands or 17.42% up from the average. Sorrento Therapeutics Inc (NASDAQ:SRNE) has risen 23.18% since March 2, 2016 and is uptrending. It has outperformed by 14.93% the S&P500.
The move comes after 5 months negative chart setup for the $430.23 million company. It was reported on Oct, 5 by Barchart.com. We have $6.60 PT which if reached, will make NASDAQ:SRNE worth $60.23 million less.
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 7 analysts covering Sorrento Therapeutics (NASDAQ:SRNE), 7 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Sorrento Therapeutics has been the topic of 9 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Monday, August 3 by MLV. The firm has “Buy” rating by Rodman & Renshaw given on Tuesday, April 5. The company was maintained on Wednesday, July 29 by Brean Capital. The stock has “Buy” rating given by Brean Capital on Wednesday, November 25. On Tuesday, December 22 the stock rating was initiated by FBR Capital with “Outperform”. The stock has “Buy” rating given by TH Capital on Monday, October 3. The company was maintained on Wednesday, November 25 by rean. The firm has “Buy” rating by H.C. Wainwright given on Monday, December 7. The rating was reinitiated by Rodman & Renshaw with “Buy” on Monday, December 7.
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 turned negative, 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.
Schwab Charles Invest accumulated 0% or 39,855 shares. Voya Inv Llc has invested 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE). Deutsche Bank Ag holds 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 147,543 shares. Millennium Management Limited Company reported 10,400 shares or 0% of all its holdings. Financial Bank Of America Corp De holds 602 shares or 0% of its portfolio. Teachers last reported 0% of its portfolio in the stock. Jacobs Levy Equity Mngmt has 0% invested in the company for 27,600 shares. Gagnon Secs Ltd Liability Com has 11,191 shares for 0.03% of their US portfolio. Morgan Stanley owns 11,480 shares or 0% of their US portfolio. Geode Mngmt Limited Liability has invested 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE). Cap Mngmt Associates Ny, a New York-based fund reported 20,000 shares. Moreover, State Street Corp has 0% invested in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 481,317 shares. Fincl Bank Of New York Mellon last reported 117,846 shares in the company. Blackrock last reported 0% of its portfolio in the stock. Tfs Capital Limited Liability Co holds 0.02% or 21,668 shares in its portfolio.
Insider Transactions: Since June 13, 2016, the stock had 0 insider buys, and 3 insider sales for $466,147 net activity. 53,764 shares were sold by SOON-SHIONG PATRICK, worth $329,885 on Monday, June 13.
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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