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Sorrento Therapeutics Inc. (SRNE) Volatility At 8.67%, Should You Add A Position?

267 institutions hold shares in Sorrento Therapeutics Inc. (SRNE), with 42.85M shares held by insiders accounting for 15.71% while institutional investors hold 33.19% of the company’s shares. The shares outstanding are 268.14M, and float is at 230.66M with Short Float at 24.31%. Institutions hold 27.97% of the Float.

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The top institutional shareholder in the company is Blackrock Inc. with over 17.62 million shares valued at $120.25 million. The investor’s holdings represent 6.27% of the SRNE Shares outstanding. As of Dec 30, 2020, the second largest holder is State Street Corporation with 12.68 million shares valued at $86.51 million to account for 4.51% of the shares outstanding. The other top investors are Vanguard Group, Inc. (The) which holds 12.31 million shares representing 4.38% and valued at over $84.01 million, while Cormorant Asset Management, LP holds 1.60% of the shares totaling 4.5 million with a market value of $30.71 million.

Sorrento Therapeutics Inc. (NASDAQ: SRNE) is 15.53% higher on its value in year-to-date trading and has touched a low of $1.70 and a high of $19.39 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The SRNE stock was last observed hovering at around $8.33 in the last trading session, with the day’s loss setting it -0.44% off its average median price target of $28.00 for the next 12 months. It is also 77.46% off the consensus price target high of $35.00 offered by 4 analysts, but current levels are 62.43% higher than the price target low of $21.00 for the same period.

Currently trading at $7.89, the stock is -16.71% and -29.86% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 7.07 million and changing -5.34% at the moment leaves the stock -12.06% off its SMA200. SRNE registered 335.64% gain for a year compared to 6-month gain of -18.16%. The firm has a 50-day simple moving average (SMA 50) of $11.03 and a 200-day simple moving average (SMA200) of $9.29.

The stock witnessed a -18.46% loss in the last 1 month and extending the period to 3 months gives it a -0.06%, and is -19.87% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 8.67% over the week and 8.38% over the month.

Sorrento Therapeutics Inc. (SRNE) has around 502 employees, a market worth around $2.29B and $40.00M in sales. Fwd P/E is 3.37. Distance from 52-week low is 363.82% and -59.33% from its 52-week high. The company has generated returns on investments over the last 12 months (-104.90%).

Sorrento Therapeutics Inc. (SRNE) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Sorrento Therapeutics Inc. (SRNE) is a “Buy”. 4 analysts offering their recommendations for the stock have an average rating of 2.00, where 0 rate it as a Hold and 0 think it is a “Overweight”. 4 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Sorrento Therapeutics Inc. is expected to release its quarterly report on 05/11/2021 and quarterly earnings per share for the current quarter are estimated at $0.35 with sales reaching $19.85M over the same period.The EPS is expected to grow by 41.00% this year, but quarterly earnings will post 2,686.20% year-over-year. Quarterly sales are estimated to grow 157.10% in year-over-year returns.

Sorrento Therapeutics Inc. (SRNE) Insider Activity

A total of 3 insider transactions have happened at Sorrento Therapeutics Inc. (SRNE) in the last six months, with sales accounting for 1 and purchases happening 2 times. The most recent transaction is an insider sale by Followwill Dorman, the company’s Director. SEC filings show that Followwill Dorman sold 1,000 shares of the company’s common stock on Dec 16 at a price of $7.13 per share for a total of $7135.0. Following the sale, the insider now owns 2130.0 shares.

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Sorrento Therapeutics Inc. (SRNE): Who are the competitors?

The company’s main competitors (and peers) include Exelixis Inc. (EXEL) that is trading 28.15% up over the past 12 months and Karyopharm Therapeutics Inc. (KPTI) that is -49.69% lower over the same period. Short interest in the company’s stock has fallen -14.41% from the last report on Feb 11, 2021 to stand at a total of 64.15 million short shares sold with a short interest ratio of 4.29.

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