New York State Common Retirement Fund lowered its position in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 21.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,737 shares of the biopharmaceutical company’s stock after selling 50,878 shares during the period. New York State Common Retirement Fund owned about 0.06% of Sorrento Therapeutics worth $1,410,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. Perigon Wealth Management LLC bought a new stake in Sorrento Therapeutics during the third quarter worth about $139,000. AE Wealth Management LLC increased its holdings in shares of Sorrento Therapeutics by 17.0% in the third quarter. AE Wealth Management LLC now owns 14,661 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 2,126 shares during the period. SG Americas Securities LLC increased its holdings in shares of Sorrento Therapeutics by 766.7% in the third quarter. SG Americas Securities LLC now owns 109,877 shares of the biopharmaceutical company’s stock worth $838,000 after buying an additional 97,200 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Sorrento Therapeutics by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 89,262 shares of the biopharmaceutical company’s stock worth $681,000 after buying an additional 3,380 shares during the period. Finally, Secure Asset Management LLC purchased a new position in shares of Sorrento Therapeutics in the third quarter worth about $103,000. 27.88% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on SRNE shares. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Sorrento Therapeutics in a report on Monday, November 15th. Zacks Investment Research cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, November 18th.
Shares of SRNE opened at $4.33 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average price is $5.65 and its 200-day moving average price is $7.23. Sorrento Therapeutics, Inc. has a 52 week low of $4.32 and a 52 week high of $17.25. The stock has a market cap of $1.33 billion, a P/E ratio of -3.52 and a beta of 2.17.
Sorrento Therapeutics (NASDAQ:SRNE) last issued its quarterly earnings results on Friday, November 5th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.19). The company had revenue of $12.06 million during the quarter, compared to the consensus estimate of $10.21 million. Sorrento Therapeutics had a negative return on equity of 166.48% and a negative net margin of 692.36%. On average, equities analysts anticipate that Sorrento Therapeutics, Inc. will post -1.26 EPS for the current year.
Sorrento Therapeutics Profile
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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