Sorrento Therapeutics (NASDAQ:SRNE) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Sorrento Therapeutics (NASDAQ:SRNEFree Report) in a report issued on Thursday morning. The firm issued a hold rating on the biopharmaceutical company’s stock.

Sorrento Therapeutics Stock Performance

SRNE opened at $0.31 on Thursday. Sorrento Therapeutics has a fifty-two week low of $0.16 and a fifty-two week high of $3.09. The company has a current ratio of 0.88, a quick ratio of 0.79 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average price is $0.07 and its two-hundred day moving average price is $0.12.

Institutional Investors Weigh In On Sorrento Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Point72 Middle East FZE acquired a new stake in Sorrento Therapeutics during the fourth quarter worth $116,000. State of Wisconsin Investment Board increased its holdings in Sorrento Therapeutics by 44.1% during the 4th quarter. State of Wisconsin Investment Board now owns 451,542 shares of the biopharmaceutical company’s stock valued at $400,000 after purchasing an additional 138,245 shares in the last quarter. Squarepoint Ops LLC increased its holdings in Sorrento Therapeutics by 1,135.0% during the 4th quarter. Squarepoint Ops LLC now owns 627,926 shares of the biopharmaceutical company’s stock valued at $556,000 after purchasing an additional 577,082 shares in the last quarter. Millennium Management LLC increased its holdings in Sorrento Therapeutics by 69.5% during the 4th quarter. Millennium Management LLC now owns 741,995 shares of the biopharmaceutical company’s stock valued at $657,000 after purchasing an additional 304,190 shares in the last quarter. Finally, Norges Bank acquired a new stake in Sorrento Therapeutics during the 4th quarter valued at $2,769,000. Institutional investors and hedge funds own 34.48% of the company’s stock.

Sorrento Therapeutics Company Profile

(Get Free Report)

Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.

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