Sorrento Therapeutics Inc. [SRNE] stock Initiated by B. Riley Securities analyst, price target now $26

Sorrento Therapeutics Inc. [NASDAQ: SRNE] surged by $0.01 during the normal trading session on Monday and reaching a high of $2.945 during the day while it closed the day at $2.77. The company report on August 3, 2022 that Sorrento Completes Successfully the SAD Study and Initiates the MAD Phase 1 Study with STI-1558, An Oral M(pro) Inhibitor as a Standalone Treatment and Prevention of COVID-19 without the Ritonavir as Booster.


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Single ascending dose (SAD) Phase 1 Study completed in Australia with a maximum dose of 2,000 mg.

Pharmacokinetics (PK) were dose proportional and PK modeling and preclinical data support a 600 mg twice daily dose.

Sorrento Therapeutics Inc. stock has also gained 12.15% of its value over the past 7 days. However, SRNE stock has inclined by 82.24% in the 3 months of the year. Over the past six months meanwhile, it has lost -12.34% and lost -40.43% year-on date.

The market cap for SRNE stock reached $1.05 billion, with 337.12 million shares outstanding. Compared to the average trading volume of 10.35M shares, SRNE reached a trading volume of 8639262 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]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SRNE shares is $21.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SRNE stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

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 0.22, with the Price to Sales ratio for SRNE stock in the period of the last 12 months amounting to 18.49. The Price to Book ratio for the last quarter was 4.13, with the Price to Cash per share for the same quarter was set at 0.71.

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 12.15. With this latest performance, SRNE shares gained by 0.73% in over the last four-week period, additionally sinking by -12.34% over the last 6 months – not to mention a drop of -66.98% 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 60.34, with the RSI for the last a single of trading hit 61.81, and the three-weeks RSI is set at 59.55 for Sorrento Therapeutics Inc. [SRNE]. The present Moving Average for the last 50 days of trading for this stock 2.21, while it was recorded at 2.70 for the last single week of trading, and 3.37 for the last 200 days.

Sorrento Therapeutics Inc. [SRNE]: An insightful look at the core fundamentals

Sorrento Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 1.60.

Earnings per share (EPS) analysis for Sorrento Therapeutics Inc. [SRNE] stock

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 $357 million, or 35.40% of SRNE stock, in the hands of institutional investors. The top three institutional holders of SRNE stocks are: STATE STREET CORP with ownership of 33,960,884, which is approximately 132.676% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 22,034,889 shares of the stock with an approximate value of $61.04 million in SRNE stocks shares; and VANGUARD GROUP INC, currently with $44.05 million in SRNE stock with ownership of nearly 1.33% of the company’s market capitalization.

Positions in Sorrento Therapeutics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 110 institutional holders increased their position in Sorrento Therapeutics Inc. [NASDAQ:SRNE] by around 42,134,892 shares. Additionally, 76 investors decreased positions by around 6,625,555 shares, while 75 investors held positions by with 80,157,689 shares. The mentioned changes placed institutional holdings at 128,918,136 shares, according to the latest SEC report filing. SRNE stock had 35 new institutional investments in for a total of 5,571,338 shares, while 35 institutional investors sold positions of 3,677,698 shares during the same period.

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