Sorrento Therapeutics Inc. [NASDAQ: SRNE] plunged by -$0.39 during the normal trading session on Tuesday and reaching a high of $7.74 during the day while it closed the day at $7.22. The company report on December 23, 2020 that Sorrento Announces It Has Submitted An Emergency Use Authorization (EUA) Application to the FDA for COVI-STIX™ Rapid Test for the Detection of SARS-CoV-2 Viral Antigen.
Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) announced that an Emergency Use Authorization (EUA) Application has been submitted to the US Food and Drug Administration for its COVI-STIX rapid diagnostic test for the detection of the SARS-CoV-2 virus nucleocapsid antigen in nasal samples of patients.
In testing conducted to date, COVI-STIX has provided results within 15 minutes, with positive detection as quickly as two minutes for patient samples with high viral load.
Sorrento Therapeutics Inc. stock has also gained 2.70% of its value over the past 7 days. However, SRNE stock has declined by -24.79% in the 3 months of the year. Over the past six months meanwhile, it has gained 29.86% and gained 113.61% year-on date.
The market cap for SRNE stock reached $1.86 billion, with 251.21 million shares outstanding and 221.63 million shares in the current float. Compared to the average trading volume of 17.12M shares, SRNE reached a trading volume of 11552530 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Sorrento Therapeutics Inc. [SRNE]:
H.C. Wainwright have made an estimate for Sorrento Therapeutics Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 31, 2020. While these analysts kept the previous recommendation, Dawson James raised their target price to Buy. The new note on the price target was released on May 26, 2020, representing the official price target for Sorrento Therapeutics Inc. stock. Previously, the target price had yet another raise to $21, while JMP Securities analysts kept a Mkt Outperform rating on SRNE stock.
The Average True Range (ATR) for Sorrento Therapeutics Inc. is set at 0.56, with the Price to Sales ratio for SRNE stock in the period of the last 12 months amounting to 44.90. The Price to Book ratio for the last quarter was 8.80.
SRNE stock trade performance evaluation
Sorrento Therapeutics Inc. [SRNE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.70. With this latest performance, SRNE shares dropped by -4.50% in over the last four-week period, additionally plugging by 29.86% over the last 6 months – not to mention a rise of 108.07% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SRNE stock in for the last two-week period is set at 45.70, with the RSI for the last a single of trading hit 43.79, and the three-weeks RSI is set at 46.37 for Sorrento Therapeutics Inc. [SRNE]. The present Moving Average for the last 50 days of trading for this stock 7.62, while it was recorded at 7.29 for the last single week of trading, and 6.62 for the last 200 days.
Sorrento Therapeutics Inc. [SRNE]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Sorrento Therapeutics Inc. [SRNE] shares currently have an operating margin of -620.97 and a Gross Margin at +48.53. Sorrento Therapeutics Inc.’s Net Margin is presently recorded at -929.21.
Return on Total Capital for SRNE is now -51.07, given the latest momentum, and Return on Invested Capital for the company is -76.62. Return on Equity for this stock declined to -202.78, with Return on Assets sitting at -45.19. When it comes to the capital structure of this company, Sorrento Therapeutics Inc. [SRNE] has a Total Debt to Total Equity ratio set at 370.01. Additionally, SRNE Total Debt to Total Capital is recorded at 78.72, with Total Debt to Total Assets ending up at 47.05. Long-Term Debt to Equity for the company is recorded at 319.64, with the Long-Term Debt to Total Capital now at 68.01.
Reflecting on the efficiency of the workforce at the company, Sorrento Therapeutics Inc. [SRNE] managed to generate an average of -$942,155 per employee. Receivables Turnover for the company is 3.33 with a Total Asset Turnover recorded at a value of 0.05.Sorrento Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.20.
Earnings per share (EPS) analysis for Sorrento Therapeutics Inc. [SRNE] stock
With the latest financial reports released by the company, Sorrento Therapeutics Inc. posted -0.41/share EPS, while the average EPS was predicted by analysts to be reported at -0.38/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SRNE. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Sorrento Therapeutics Inc. go to 37.00%.
Sorrento Therapeutics Inc. [SRNE]: Insider Ownership positions
There are presently around $521 million, or 27.90% of SRNE stock, in the hands of institutional investors. The top three institutional holders of SRNE stocks are: BLACKROCK INC. with ownership of 15,016,558, which is approximately 19.758% of the company’s market cap and around 15.71% of the total institutional ownership; STATE STREET CORP, holding 11,708,587 shares of the stock with an approximate value of $84.54 million in SRNE stocks shares; and VANGUARD GROUP INC, currently with $80.16 million in SRNE stock with ownership of nearly 13.661% of the company’s market capitalization.
Positions in Sorrento Therapeutics Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 141 institutional holders increased their position in Sorrento Therapeutics Inc. [NASDAQ:SRNE] by around 16,249,731 shares. Additionally, 75 investors decreased positions by around 5,541,208 shares, while 23 investors held positions by with 50,367,878 shares. The mentioned changes placed institutional holdings at 72,158,817 shares, according to the latest SEC report filing. SRNE stock had 59 new institutional investments in for a total of 1,913,669 shares, while 34 institutional investors sold positions of 1,189,046 shares during the same period.