Price Action To Observe: Does Sorrento Therapeutics Inc Have Any Gas After Today’s Huge Increase?

Price Action To Observe: Does Sorrento Therapeutics Inc Have Any Gas After Today's Huge Increase?

The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) is a huge mover today! About 113,680 shares traded hands. Sorrento Therapeutics Inc (NASDAQ:SRNE) has declined 25.40% since April 4, 2016 and is downtrending. It has underperformed by 26.49% the S&P500.
The move comes after 5 months positive chart setup for the $295.05 million company. It was reported on Nov, 4 by Barchart.com. We have $15.05 PT which if reached, will make NASDAQ:SRNE worth $572.40M more.

Analysts await Sorrento Therapeutics Inc (NASDAQ:SRNE) to report earnings on November, 21. They expect $-0.17 earnings per share, up 79.27% or $0.65 from last year’s $-0.82 per share. After $-0.28 actual earnings per share 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 stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) has “Buy” rating given on Monday, December 7 by H.C. Wainwright. Rodman & Renshaw maintained Sorrento Therapeutics Inc (NASDAQ:SRNE) on Tuesday, April 5 with “Buy” rating. The company was maintained on Wednesday, November 25 by rean. Brean Capital maintained Sorrento Therapeutics Inc (NASDAQ:SRNE) rating on Wednesday, July 29. Brean Capital has “Buy” rating and $26 price target. The rating was reinitiated by Rodman & Renshaw with “Buy” on Monday, December 7. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) has “Buy” rating given on Monday, October 3 by TH Capital. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) has “Buy” rating given on Wednesday, November 25 by Brean Capital. MLV reinitiated the stock with “Buy” rating in Monday, August 3 report. FBR Capital initiated Sorrento Therapeutics Inc (NASDAQ:SRNE) rating on Tuesday, December 22. FBR Capital has “Outperform” rating and $22 price target.

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 2016 Q2. Its down 0.34, from 0.97 in 2016Q1. The ratio worsened, 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.
Jacobs Levy Equity Management Inc holds 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 27,600 shares. Morgan Stanley, a New York-based fund reported 11,480 shares. Susquehanna Gp Ltd Liability Partnership accumulated 0% or 14,851 shares. California Public Employees Retirement Systems owns 41,200 shares or 0% of their US portfolio. Sabby Mngmt Lc, a New Jersey-based fund reported 253,805 shares. Blackrock Invest Management accumulated 107,593 shares or 0% of the stock. Jpmorgan Chase last reported 0% of its portfolio in the stock. Glenmede Trust Na owns 29,135 shares or 0% of their US portfolio. Millennium Mngmt Limited Com holds 10,400 shares or 0% of its portfolio. Matrix Asset Advisors Ny holds 0.03% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 23,128 shares. State Street Corp has invested 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE). The Pennsylvania-based Nationwide Fund Advsrs has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE). Franklin Resource Incorporated owns 339,400 shares or 0% of their US portfolio. Citigroup Inc owns 6,000 shares or 0% of their US portfolio. Bancorp Of New York Mellon accumulated 117,846 shares or 0% of the stock.

Insider Transactions: Since June 13, 2016, the stock had 0 buys, and 3 insider sales for $466,147 net activity. Another trade for 53,764 shares valued at $329,885 was made by SOON-SHIONG PATRICK 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: “SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Sorrento …” on August 23, 2016. More interesting news about Sorrento Therapeutics Inc (NASDAQ:SRNE) were released by: Prnewswire.com and their article: “Sorrento Appoints Miranda Toledano As Executive Vice President of Corporate …” published on September 13, 2016 as well as Prnewswire.com‘s news article titled: “Sorrento Therapeutics Announces the Appointment of Dr. Yue Alexander Wu to its …” with publication date: August 01, 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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