Donald L. Hagan LLC lifted its stake in Sorrento Therapeutics Inc (NASDAQ:SRNE) by 29.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,702 shares of the biopharmaceutical company’s stock after acquiring an additional 3,600 shares during the period. Donald L. Hagan LLC’s holdings in Sorrento Therapeutics were worth $175,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Sorrento Therapeutics by 0.6% in the first quarter. State Street Corp now owns 2,301,587 shares of the biopharmaceutical company’s stock worth $4,235,000 after acquiring an additional 14,674 shares during the last quarter. US Bancorp DE acquired a new stake in shares of Sorrento Therapeutics in the second quarter worth $74,000. Swiss National Bank acquired a new stake in shares of Sorrento Therapeutics in the second quarter worth $1,653,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Sorrento Therapeutics in the second quarter worth $270,000. Finally, Citigroup Inc. boosted its stake in Sorrento Therapeutics by 69.5% during the first quarter. Citigroup Inc. now owns 49,275 shares of the biopharmaceutical company’s stock worth $91,000 after buying an additional 20,197 shares in the last quarter. Institutional investors and hedge funds own 24.09% of the company’s stock.
Shares of NASDAQ:SRNE traded down $1.09 on Friday, hitting $9.30. The stock had a trading volume of 24,480,227 shares, compared to its average volume of 26,975,832. Sorrento Therapeutics Inc has a twelve month low of $1.45 and a twelve month high of $19.39. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.58 and a current ratio of 0.60. The firm’s 50 day moving average price is $9.05 and its 200-day moving average price is $6.75. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -5.71 and a beta of 2.93.
Sorrento Therapeutics (NASDAQ:SRNE) last issued its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Sorrento Therapeutics had a negative net margin of 760.19% and a negative return on equity of 490.67%. The company had revenue of $9.01 million for the quarter, compared to the consensus estimate of $7.90 million. As a group, sell-side analysts predict that Sorrento Therapeutics Inc will post 5.13 EPS for the current year.
A number of research firms have weighed in on SRNE. ValuEngine downgraded shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, July 2nd. HC Wainwright lifted their price target on shares of Sorrento Therapeutics from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. BidaskClub downgraded shares of Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 13th. Finally, Zacks Investment Research upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Saturday, August 29th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Sorrento Therapeutics currently has an average rating of “Buy” and a consensus target price of $21.00.
Sorrento Therapeutics Company 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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