Sorrento Therapeutics Inc. (NASDAQ:SRNE) closed Monday at $2.47 per share, down from $2.60 a day earlier. While Sorrento Therapeutics Inc. has underperformed by -5.00%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, SRNE fell by -69.91%, with highs and lows ranging from $9.63 to $1.15, whereas the simple moving average fell by -29.22% in the last 200 days.
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On January 29, 2021, B. Riley Securities started tracking Sorrento Therapeutics Inc. (NASDAQ: SRNE) recommending Buy. A report published by Alliance Global Partners on January 21, 2021, Initiated its previous ‘Buy’ rating for SRNE. H.C. Wainwright also reiterated SRNE shares as ‘Buy’, quoting a target price of $30 on the company’s shares in a report dated July 31, 2020. Dawson James Initiated an Buy rating on May 26, 2020, and assigned a price target of $24. JMP Securities initiated its ‘Mkt Outperform’ rating for SRNE, as published in its report on October 07, 2019. B. Riley FBR Inc.’s report from June 28, 2018 suggests a price prediction of $14.25 for SRNE shares, giving the stock a ‘Buy’ rating. H.C. Wainwright also rated the stock as ‘Buy’.
Analysis of Sorrento Therapeutics Inc. (SRNE)
Further, the quarter-over-quarter increase in sales is 28.70%, showing a positive trend in the upcoming months.
There are several well-rounded types of analysis and research techniques that can be used to gain a clear view of Sorrento Therapeutics Inc.’s future performance, with equity being one of the most critical indicators. Taking into account the quick ratio of the company, currently set at 1.60, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
As an indicator of volatility for any stock, average volume can also be very valuable, and SRNE is recording an average volume of 10.53M. On a monthly basis, the volatility of the stock is set at 9.96%, whereas on a weekly basis, it is put at 6.16%, with a loss of -3.89% over the past seven days. Furthermore, long-term investors anticipate a median target price of $21.00, showing growth from the present price of $2.47, which can serve as yet another indication of whether SRNE is worth investing in or should be passed over.
How Do You Analyze Sorrento Therapeutics Inc. Shares?
Apart from looking at the fundamentals, you should also pay attention to the number of company employees who own shares. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.50%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 35.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in SRNE shares?
The recent increase in stakes in SRNE appears to be a result of several institutional investors and hedge funds increasing their positions. SSgA Funds Management, Inc.’s position in SRNE has increased by 16.78% in the first quarter. The company now owns 39,661,099 shares of the stock, with a value of $79.72 million, following the purchase of 5,700,215 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in SRNE during the first quarter, upping its stake by 0.71%. During the last quarter, the company picked up 128,946 additional shares for a total stake of worth $36.84 million, bringing number of shares owned by the company to 18,326,975.
During the first quarter, The Vanguard Group, Inc. added a 256,227 position in SRNE. D. E. Shaw & Co. LP purchased an additional 4.79 million shares in the last quarter, increasing its holdings by 195.94%, now holding 7.24 million shares worth $14.56 million. At the end of the first quarter, Geode Capital Management LLC decreased its SRNE holdings by -5.94% and now holds 4.99 million SRNE shares valued at $10.02 million with the lessened -0.31 million shares during the period. SRNE shares are owned by institutional investors to the tune of 35.30% at present.