Sorrento Therapeutics (NASDAQ:SRNE) Rating Reconfirmed

In a note shared with investors and clients on Wednesday morning, Sorrento Therapeutics (NASDAQ:SRNE) stock “Outperform” was reconfirmed at FBR Capital. They currently have a $16.00 price target on the stock. FBR Capital’s price target indicates a potential upside of 157.65 % from the company’s last price.

NASDAQ:SRNE is now trading 10.31% higher at $6.85 as of 05:52 New York time. Sorrento Therapeutics’s stock is down -55.29% in the last 200 days. It has underperformed the S&P 500, which has declined -3.59% in the same time.

Out of 3 analysts covering Sorrento Therapeutics, 4 rate it a Buy, 0 indicate a Hold while 0 suggest a Sell. The highest target is $40 and the lowest is $15 according to Thomson/First Call. The 12-month mean target is $23.67, which means upside potential of 245.55% over the current price.

NASDAQ:SRNE Price Chart & Trend

The stock price of Sorrento Therapeutics nosedived 55.29% over the last 200 days, and is in strong down trend. In the last 50 and 100 days, Sorrento Therapeutics is up 1.8% and down 35.31%, respectively. Our stocks momentum model is shown on the price chart below.

Source: RightEdge Systems, Yahoo Split & Dividend Adjusted Data and OctaFinance Trading Models

Institutional Ownership

Venbio Select Advisor Llc had the biggest stake with ownership of 2.19 million shares as of Q2 2015 for 10.61% of the long stock exposure. Cormorant Asset Management Llc is another bullish active investment manager who is having 1.95 million shares of Sorrento Therapeutics or 4.56% of their long stock exposure. Furthermore, Aisling Capital Llc have 4.47% of their long stock exposure invested in the company for 1.70 million shares. The Texas-based fund Wildcat Capital Management Llc revealed it had acquired so far a stake worth about 4.44% of the active investment manager’s stock portfolio in Sorrento Therapeutics. The California-based fund Longwood Capital Partners Llc is also positive about the stock, possessing 736,012 shares or 2.31% of their long stock exposure.Over the last 6 months, Sorrento Therapeutics NASDAQ:SRNE has seen 0 insider buying transactions, and 1 insider sale. The net result was for 1 transaction, worth $619,499.

Sorrento Therapeutics (NASDAQ:SRNE) Profile

Sorrento Therapeutics, Inc. is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics for addressing unmet medical needs in the United States, Europe, as well as international markets. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain, but it is also developing therapeutic products for other indications, including immunology and infectious diseases.

Sorrento Therapeutics (NASDAQ:SRNE) traded up 10.31% on 6 April, hitting $6.85. A total of 670,093 shares of the company’s stock traded hands. This is up from average of 322,827 shares. Sorrento Therapeutics has a 52 week low of $4.25 and a 52 week high of $26.8. The company has a market cap of $259.05 million and a P/E ratio of 0.

Get the latest Sorrento Therapeutics (NASDAQ:SRNE) Stock Ratings at Octafinance. Completely free access to our Analyst Ratings Database for 6000+ stocks.

The post FBR Capital Reiterates $16.00 Price Objective On Sorrento Therapeutics (NASDAQ:SRNE), Reiterates “Outperform” Rating appeared first on Octafinance.