Sorrento Therapeutics Inc. [SRNE] Revenue clocked in at $55.00 million, down -67.53% YTD: What’s Next?

Sorrento Therapeutics Inc. [NASDAQ: SRNE] stock went on a downward path that fall over -2.58% on Monday, amounting to a one-week price decrease of less than -15.17%. The company report on September 26, 2022 that Sorrento Therapeutics Completes Enrollment of Phase 2 Clinical Trial of Resiniferatoxin (RTX) for Treatment of Knee Pain in Moderate to Severe Osteoarthritis of the Knee (OAK) Patients.


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Phase 2 trial of RTX for OAK pain completed enrollment with last patient (n=120) dosed.

No limiting toxicities have been encountered during the trial to date. Patients are now being monitored for long-term safety and efficacy outcomes measures (6 and 12 months timepoints).

Over the last 12 months, SRNE stock dropped by -80.72%. The one-year Sorrento Therapeutics Inc. stock forecast points to a potential upside of 90.26. The average equity rating for SRNE stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $710.09 million, with 449.95 million shares outstanding and 424.79 million shares in the current float. Compared to the average trading volume of 9.40M shares, SRNE stock reached a trading volume of 5880371 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $15.50 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 0.16, with the Price to Sales ratio for SRNE stock in the period of the last 12 months amounting to 12.91. The Price to Book ratio for the last quarter was 4.58, with the Price to Cash per share for the same quarter was set at 0.28.

SRNE Stock Performance Analysis:

Sorrento Therapeutics Inc. [SRNE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -15.17. With this latest performance, SRNE shares dropped by -29.11% in over the last four-week period, additionally sinking by -37.60% over the last 6 months – not to mention a drop of -80.72% 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 31.60, with the RSI for the last a single of trading hit 24.38, and the three-weeks RSI is set at 36.20 for Sorrento Therapeutics Inc. [SRNE]. The present Moving Average for the last 50 days of trading for this stock 2.2622, while it was recorded at 1.6100 for the last single week of trading, and 2.6515 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 1.20 and a Current Ratio set at 1.30.

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 $230 million, or 34.40% of SRNE stock, in the hands of institutional investors. The top three institutional holders of SRNE stocks are: STATE STREET CORP with ownership of 39,661,099, which is approximately 16.785% of the company’s market cap and around 1.10% of the total institutional ownership; BLACKROCK INC., holding 33,950,557 shares of the stock with an approximate value of $51.27 million in SRNE stocks shares; and VANGUARD GROUP INC, currently with $31.55 million in SRNE stock with ownership of nearly 31.413% of the company’s market capitalization.

106 institutional holders increased their position in Sorrento Therapeutics Inc. [NASDAQ:SRNE] by around 34,967,799 shares. Additionally, 76 investors decreased positions by around 10,489,161 shares, while 74 investors held positions by with 106,699,222 shares. The mentioned changes placed institutional holdings at 152,156,182 shares, according to the latest SEC report filing. SRNE stock had 29 new institutional investments in for a total of 3,463,761 shares, while 28 institutional investors sold positions of 2,800,475 shares during the same period.

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