Trade Report: The Sorrento Therapeutics Inc. (SRNE) PT Set at $15.00 by Roth Capital

The Sorrento Therapeutics Inc. (SRNE) PT Set at $15.00 by Roth Capital

Sorrento Therapeutics Inc. (NASDAQ:SRNE) has been given a $15.00 price target by equities researchers at Roth Capital in a report issued on Wednesday. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Roth Capital’s price objective suggests a potential upside of 150.00% from the company’s previous close.

SRNE has been the topic of several other reports. Brean Capital reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research report on Friday, August 12th. Rodman & Renshaw reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Sunday, July 17th. Finally, FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Five research analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus target price of $24.20.

Shares of Sorrento Therapeutics (NASDAQ:SRNE) remained flat at $6.00 on Wednesday. 63,726 shares of the stock were exchanged. Sorrento Therapeutics has a 12 month low of $4.25 and a 12 month high of $10.26. The stock’s market cap is $347.63 million. The company’s 50-day moving average is $6.33 and its 200-day moving average is $6.51.

A number of hedge funds and other institutional investors have recently made changes to their positions in SRNE. KCG Holdings Inc. purchased a new position in shares of Sorrento Therapeutics during the third quarter valued at $168,000. Citadel Advisors LLC purchased a new position in shares of Sorrento Therapeutics during the third quarter valued at $109,000. Morgan Stanley boosted its position in shares of Sorrento Therapeutics by 54.1% in the third quarter. Morgan Stanley now owns 17,686 shares of the biopharmaceutical company’s stock valued at $137,000 after buying an additional 6,206 shares in the last quarter. Northern Trust Corp boosted its position in shares of Sorrento Therapeutics by 3.3% in the third quarter. Northern Trust Corp now owns 377,904 shares of the biopharmaceutical company’s stock valued at $2,925,000 after buying an additional 11,952 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Sorrento Therapeutics by 1.0% in the third quarter. Rhumbline Advisers now owns 30,275 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 300 shares in the last quarter. 22.21% of the stock is owned by institutional investors and hedge funds.

Sorrento Therapeutics Company Profile

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