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

Sorrento Therapeutics Inc. [NASDAQ: SRNE] surged by $0.13 during the normal trading session on Tuesday and reaching a high of $1.60 during the day while it closed the day at $1.59. The company report on October 17, 2022 that Sorrento Successfully Completes Phase 1 Study and Is Proceeding to Implement Global Registrational Trials with STI-1558, an Oral Mpro Inhibitor as a Standalone Oral Treatment and Prevention of COVID-19 without the Need for a Ritonavir Booster.

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Phase 1 Study (with 58 healthy volunteers) of STI-1558 was completed in Australia with 300 mg, 600 mg, 1,200 mg and 2,000 mg doses in the single ascending dose (SAD) portion of the study and 300 mg, 600 mg and 800 mg BID (twice a day) daily for 7.5 days in the multiple ascending dose (MAD) portion of the study.

The pharmacokinetics (PK) were dose proportional in the SAD study. In the MAD study, the 600 mg BID dose cohort achieved trough concentrations (Ctrough) significantly above the EC90 value for viral inhibition by STI-1558 and no accumulation was seen in the subjects, supporting a 600 mg twice daily dose for 5 days as the recommended dose for standalone treatment without ritonavir as booster.

Sorrento Therapeutics Inc. stock has also loss 0.00% of its value over the past 7 days. However, SRNE stock has declined by -39.77% in the 3 months of the year. Over the past six months meanwhile, it has lost -0.62% and lost -65.81% year-on date.

The market cap for SRNE stock reached $682.44 million, with 449.95 million shares outstanding and 442.75 million shares in the current float. Compared to the average trading volume of 7.89M shares, SRNE reached a trading volume of 7012074 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 $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 0.14, with the Price to Sales ratio for SRNE stock in the period of the last 12 months amounting to 12.41. The Price to Book ratio for the last quarter was 4.82, with the Price to Cash per share for the same quarter was set at 0.31.

SRNE stock trade performance evaluation

Sorrento Therapeutics Inc. [SRNE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by 0.00. With this latest performance, SRNE shares gained by 5.30% in over the last four-week period, additionally sinking by -0.62% over the last 6 months – not to mention a drop of -76.69% 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 49.31, with the RSI for the last a single of trading hit 54.14, and the three-weeks RSI is set at 46.93 for Sorrento Therapeutics Inc. [SRNE]. The present Moving Average for the last 50 days of trading for this stock 1.7898, while it was recorded at 1.5040 for the last single week of trading, and 2.2406 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 1.20 and a Current Ratio set at 1.30.

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 $242 million, or 34.50% 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 $53.98 million in SRNE stocks shares; and VANGUARD GROUP INC, currently with $33.23 million in SRNE stock with ownership of nearly 31.413% of the company’s market capitalization.

105 institutional holders increased their position in Sorrento Therapeutics Inc. [NASDAQ:SRNE] by around 35,075,537 shares. Additionally, 72 investors decreased positions by around 10,486,956 shares, while 81 investors held positions by with 106,796,516 shares. The mentioned changes placed institutional holdings at 152,359,009 shares, according to the latest SEC report filing. SRNE stock had 30 new institutional investments in for a total of 3,425,261 shares, while 27 institutional investors sold positions of 2,822,740 shares during the same period.


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