B. Riley Securities slashes price target on Sorrento Therapeutics Inc. [SRNE] – find out why.

Sorrento Therapeutics Inc. [NASDAQ: SRNE] price plunged by -1.80 percent to reach at -$0.15. The company report on August 3, 2021 that Sorrento Mexico and the National Institute of Genomic Medicine (INMEGEN) of Mexico Government Execute Memorandum of Understanding (MOU) for Rapid Clinical Development of COVID-19 Diagnostics, Therapeutics and Multivalent mRNA-Based Vaccines Against SARS-CoV-2 and Its Variants of Concerns.

After COVI-STIX™ (COVID-19 VIRUS RAPID ANTIGEN DETECTION TEST) obtained Emergency Use Authorization (EUA) approval from the Mexican Comisión Federal para la Protección contra Riesgos Sanitarios (COFEPRIS), Sorrento and Mexican INMEGEN (“Instituto Nacional de Medicina Genomica”) have held meetings to explore collaboration.

Sorrento Therapeutics Mexico (“Sorrento Mexico”) and INMEGEN have executed an MOU to further collaborate on clinical development of a broad pipeline of COVID products, including diagnostics, multivalent mRNA-based vaccines and therapeutics. Sorrento provides its most comprehensive portfolios and a “one-stop-shop” of potential solutions for governments interested in a multi-modal “detect and treat” approach to the COVID-19 pandemic.

A sum of 3973021 shares traded at recent session while its average daily volume was at 6.79M shares. Sorrento Therapeutics Inc. shares reached a high of $8.36 and dropped to a low of $8.02 until finishing in the latest session at $8.19.

Guru’s Opinion on Sorrento Therapeutics Inc. [SRNE]:

B. Riley Securities have made an estimate for Sorrento Therapeutics Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 29, 2021. While these analysts kept the previous recommendation, Alliance Global Partners raised their target price to Buy. The new note on the price target was released on January 21, 2021, representing the official price target for Sorrento Therapeutics Inc. stock. Previously, the target price had yet another raise from $24 to $30, while H.C. Wainwright kept a Buy rating on SRNE stock.

The Average True Range (ATR) for Sorrento Therapeutics Inc. is set at 0.55, with the Price to Sales ratio for SRNE stock in the period of the last 12 months amounting to 53.56. The Price to Book ratio for the last quarter was 9.99, with the Price to Cash per share for the same quarter was set at 0.78.

SRNE Stock Performance Analysis:

Sorrento Therapeutics Inc. [SRNE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.24. With this latest performance, SRNE shares dropped by -16.04% in over the last four-week period, additionally sinking by -41.08% over the last 6 months – not to mention a drop of -16.17% 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 45.90, with the RSI for the last a single of trading hit 44.29, and the three-weeks RSI is set at 47.20 for Sorrento Therapeutics Inc. [SRNE]. The present Moving Average for the last 50 days of trading for this stock 8.60, while it was recorded at 8.34 for the last single week of trading, and 8.68 for the last 200 days.

Insight into Sorrento Therapeutics Inc. Fundamentals:

Sorrento Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.70 and a Current Ratio set at 2.80.

SRNE Stock EPS

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 Position Details

There are presently around $638 million, or 26.60% of SRNE stock, in the hands of institutional investors. The top three institutional holders of SRNE stocks are: BLACKROCK INC. with ownership of 19,409,333, which is approximately 10.157% of the company’s market cap and around 11.16% of the total institutional ownership; VANGUARD GROUP INC, holding 13,554,519 shares of the stock with an approximate value of $111.01 million in SRNE stocks shares; and STATE STREET CORP, currently with $80.15 million in SRNE stock with ownership of nearly -22.788% of the company’s market capitalization.

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111 institutional holders increased their position in Sorrento Therapeutics Inc. [NASDAQ:SRNE] by around 11,065,261 shares. Additionally, 95 investors decreased positions by around 12,604,495 shares, while 55 investors held positions by with 54,239,110 shares. The mentioned changes placed institutional holdings at 77,908,866 shares, according to the latest SEC report filing. SRNE stock had 49 new institutional investments in for a total of 3,471,674 shares, while 29 institutional investors sold positions of 1,300,175 shares during the same period.

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