Insider Activity Monitoring: Sorrento Therapeutics Inc. (SRNE)

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Sorrento Therapeutics Inc. (NASDAQ:SRNE) saw a downside of -1.83% to close Monday at $1.07 after subtracting -$0.02 on the day. The 5-day average trading volume is 9,553,439 shares of the company’s common stock. It has gained $1.2300 in the past week and touched a new high 2 times within the past 5 days. An average of 12,315,300 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 11,091,229.

SRNE’s 1-month performance is 209.11% or $0.2600 on its low of $0.7399 reached on 12/27/22. The company’s shares have touched a 52-week low of $0.30 and high of $1.66, with the stock’s rally to the 52-week high happening on 01/18/23. YTD, SRNE has achieved 199.16% or $0.1840 and has reached a new high 3 times. However, the current price is down -35.35% from the 52-week high price.

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Valuation Metrics

SRNE stock has a beta of 1.98. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 8.91 while the price-to-book (PB) in the most recent quarter is 3.69.

Sorrento Therapeutics Inc.’s quick ratio for the period ended June 29 was 0.80, with the current ratio over the same period at 0.90. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.14, while the total debt to equity was 0.54. In terms of profitability, the gross margin trailing 12 months is 62.10%. The firm’s gross profit as reported stood at $39.87 million against revenue of $52.9 million.

Earnings Surprise

For the quarterly period ending June 29 this year, Sorrento Therapeutics Inc.’s cash and short-term investments amounted to $47.18 million against total debt of $204.61 million. Net income and sales went up compared to those figures reported in the previous quarter. Net income shrunk -33.74% to -$89.58 million, while revenue of -$218.76 million was -144.21% off the previous quarter. Analysts expected SRNE to announce -$0.25 per share in earnings in its latest quarter, but it posted -$0.54, representing a -116.00% surprise. EBITDA for the quarter stood at more than -$15.3 million. SRNE stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 485.41 million, with total debt at $204.61 million. Shareholders hold equity totaling $471.88 million.

Let’s look briefly at Sorrento Therapeutics Inc. (SRNE) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 23 January was 47.86% to suggest the stock is trending Neutral, with historical volatility in this time period at 76.14%.

The stock’s 5-day moving average is $1.1340, reflecting a -5.31% or -$0.0600 change from its current price. SRNE is currently trading +28.61% above its 20-day SMA, -48.06% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -27.21% and SMA200 by-50.46%.

Stochastic %K and %D was 61.91% and 76.86% and the average true range (ATR) pointed at 0.0984. The RSI (14) points at 48.25%, while the 14-day stochastic is at 35.95% with the period’s ATR at 0.1020. The stock’s 9-day MACD Oscillator is pointing at -0.0167 and -0.0105 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Sorrento Therapeutics Inc. (NASDAQ: SRNE), Cantor Fitzgerald launched coverage with an Overweight rating. Analysts offering their rating for SRNE stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate SRNE as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 2 have offered a “buy” rating.

What is SRNE’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $5.00 and a high of $5.00, with their median price target at $5.00. Looking at these predictions, the average price target given by analysts is for Sorrento Therapeutics Inc. (SRNE) stock is $5.00.

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