Coatue Management LLC purchased a new position in shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,350,000 shares of the biopharmaceutical company’s stock, valued at approximately $8,478,000. Coatue Management LLC owned about 0.56% of Sorrento Therapeutics as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of SRNE. Vanguard Group Inc. raised its stake in shares of Sorrento Therapeutics by 48.7% in the second quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company’s stock valued at $61,344,000 after purchasing an additional 3,200,338 shares in the last quarter. Cormorant Asset Management LP raised its stake in shares of Sorrento Therapeutics by 25.0% in the first quarter. Cormorant Asset Management LP now owns 5,000,000 shares of the biopharmaceutical company’s stock valued at $9,200,000 after purchasing an additional 1,000,000 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Sorrento Therapeutics by 146.3% in the first quarter. Alliancebernstein L.P. now owns 673,400 shares of the biopharmaceutical company’s stock valued at $1,239,000 after purchasing an additional 400,000 shares in the last quarter. Swiss National Bank acquired a new position in shares of Sorrento Therapeutics in the second quarter valued at $1,653,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Sorrento Therapeutics by 584.4% in the first quarter. JPMorgan Chase & Co. now owns 280,747 shares of the biopharmaceutical company’s stock valued at $517,000 after purchasing an additional 239,729 shares in the last quarter. Institutional investors own 24.09% of the company’s stock.
SRNE has been the subject of a number of recent research reports. BidaskClub lowered Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 25th. HC Wainwright upped their target price on Sorrento Therapeutics from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Dawson James assumed coverage on Sorrento Therapeutics in a research report on Tuesday, May 26th. They issued a “buy” rating and a $24.00 price target on the stock. ValuEngine cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, July 2nd. Finally, Zacks Investment Research upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Saturday, August 29th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $21.00.
NASDAQ:SRNE traded down $0.49 during trading hours on Friday, reaching $6.57. The company had a trading volume of 35,227,352 shares, compared to its average volume of 57,482,932. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 2.47. Sorrento Therapeutics Inc has a one year low of $1.39 and a one year high of $19.39. The firm has a market capitalization of $1.68 billion, a PE ratio of -4.03 and a beta of 2.93. The stock has a 50-day moving average of $9.92 and a two-hundred day moving average of $5.25.
Sorrento Therapeutics (NASDAQ:SRNE) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Sorrento Therapeutics had a negative return on equity of 490.67% and a negative net margin of 760.19%. The company had revenue of $9.01 million during the quarter, compared to analysts’ expectations of $7.90 million. As a group, sell-side analysts expect that Sorrento Therapeutics Inc will post 5.13 earnings per share for the current year.
Sorrento Therapeutics 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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