StockNews.com Initiates Coverage on Sorrento Therapeutics (NASDAQ:SRNE)

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

Sorrento Therapeutics Stock Performance

NASDAQ:SRNE opened at $0.03 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.79 and a current ratio of 0.88. The company has a fifty day simple moving average of $0.02 and a two-hundred day simple moving average of $0.06. Sorrento Therapeutics has a 52 week low of $0.16 and a 52 week high of $3.09.

Hedge Funds Weigh In On Sorrento Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. LPL Financial LLC raised its holdings in shares of Sorrento Therapeutics by 7.5% in the second quarter. LPL Financial LLC now owns 116,550 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 8,146 shares during the last quarter. Creative Planning raised its holdings in Sorrento Therapeutics by 23.1% during the second quarter. Creative Planning now owns 47,318 shares of the biopharmaceutical company’s stock worth $95,000 after purchasing an additional 8,880 shares in the last quarter. US Bancorp DE raised its holdings in Sorrento Therapeutics by 31.2% during the first quarter. US Bancorp DE now owns 41,810 shares of the biopharmaceutical company’s stock worth $97,000 after purchasing an additional 9,941 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Sorrento Therapeutics by 3.9% during the second quarter. UBS Asset Management Americas Inc. now owns 266,443 shares of the biopharmaceutical company’s stock worth $536,000 after purchasing an additional 10,100 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Sorrento Therapeutics by 8.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 141,561 shares of the biopharmaceutical company’s stock worth $285,000 after purchasing an additional 10,846 shares in the last quarter. Institutional investors and hedge funds own 34.48% of the company’s stock.

Sorrento Therapeutics Company 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.