Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price shot up 12.7% on Monday . The stock traded as high as $3.55 and last traded at $3.55. 1,130,400 shares were traded during trading, an increase of 28% from the average session volume of 882,975 shares. The stock had previously closed at $3.15.

Several brokerages have weighed in on SRNE. Oppenheimer set a $6.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a report on Wednesday, November 15th. HC Wainwright set a $20.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a report on Wednesday, August 30th. Finally, BidaskClub raised shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $11.50.

The firm has a market cap of $293.56, a PE ratio of -4.73 and a beta of 1.60. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.54 and a current ratio of 0.54.

Several institutional investors have recently added to or reduced their stakes in SRNE. Geode Capital Management LLC raised its position in shares of Sorrento Therapeutics by 3.8% during the first quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock valued at $1,449,000 after buying an additional 13,495 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at approximately $230,000. Matrix Asset Advisors Inc. NY raised its position in shares of Sorrento Therapeutics by 227.3% during the second quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock valued at $144,000 after buying an additional 50,000 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Sorrento Therapeutics by 25.3% during the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after buying an additional 389,258 shares during the last quarter. Finally, Virtu KCG Holdings LLC raised its position in shares of Sorrento Therapeutics by 497.7% during the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock valued at $328,000 after buying an additional 136,506 shares during the last quarter. Hedge funds and other institutional investors own 11.92% of the company’s stock.

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Sorrento Therapeutics Company Profile

Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its 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.

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