What’s Ahead for Sorrento Therapeutics Inc (SRNE) After Forming Bearish Multiple Bottom Pattern?

October 13, 2017 - By Adrian Mccoy

Investors sentiment increased to 0.78 in Q2 2017. Its up 0.01, from 0.77 in 2017Q1. It increased, as 26 investors sold Sorrento Therapeutics Inc shares while 6 reduced holdings. 11 funds opened positions while 14 raised stakes. 10.76 million shares or 11.46% less from 12.15 million shares in 2017Q1 were reported.
The Texas-based Wildcat Mgmt Limited Liability Corp has invested 1.49% in Sorrento Therapeutics Inc (NASDAQ:SRNE). 93,900 are owned by Paloma Prns Mngmt. Royal Bancshares Of Canada accumulated 4,500 shares or 0% of the stock. Jpmorgan Chase reported 31,875 shares. Citigroup holds 0% or 5,000 shares. Goldman Sachs Group has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE). Commonwealth Of Pennsylvania School Empls Retrmt Systems holds 0% or 96,154 shares. Deutsche Fincl Bank Ag reported 237,047 shares stake. Tower Cap Ltd Co (Trc) accumulated 7,596 shares or 0% of the stock. Barclays Public Limited holds 0% of its portfolio in Sorrento Therapeutics Inc (NASDAQ:SRNE) for 27,000 shares. Renaissance Ltd Liability Corporation has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE). 51,889 were accumulated by Dimensional Fund Advsr Ltd Partnership. Gagnon Ltd Liability Corporation owns 31,586 shares. Gofen & Glossberg Limited Company Il has invested 0% in Sorrento Therapeutics Inc (NASDAQ:SRNE). Crow Point Ltd Liability Co holds 97,536 shares or 0.03% of its portfolio.

Since June 15, 2017, it had 2 buys, and 0 sales for $70,466 activity. 29,001 shares valued at $52,562 were bought by Ji Henry on Thursday, June 15.

The stock of Sorrento Therapeutics Inc (SRNE) shows a multiple bottoms pattern with $3.04 target or 5.00 % below today’s $3.20 share price. The 9 months chart pattern indicates high risk for the $244.93M company. It was reported on Oct, 13 by Finviz.com. If the $3.04 price target is reached, the company will be worth $12.25 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 13.51% or $0.5 during the last trading session, reaching $3.2. About shares traded. Sorrento Therapeutics Inc (NASDAQ:SRNE) has declined 73.31% since October 13, 2016 and is downtrending. It has underperformed by 90.01% the S&P500.

Sorrento Therapeutics Inc (NASDAQ:SRNE) Ratings Coverage

Among 9 analysts covering Sorrento Therapeutics (NASDAQ:SRNE), 9 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Sorrento Therapeutics had 20 analyst reports since July 29, 2015 according to SRatingsIntel. The firm has “Buy” rating by FBR Capital given on Thursday, June 15. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) earned “Buy” rating by Brean Capital on Wednesday, November 25. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) has “Buy” rating given on Monday, October 3 by TH Capital. As per Monday, December 7, the company rating was reinitiated by Rodman & Renshaw. The stock of Sorrento Therapeutics Inc (NASDAQ:SRNE) has “Buy” rating given on Thursday, June 15 by H.C. Wainwright. On Tuesday, December 22 the stock rating was initiated by FBR Capital with “Outperform”. The rating was reinitiated by MLV with “Buy” on Monday, August 3. The stock has “Buy” rating by Oppenheimer on Thursday, August 10. On Wednesday, November 25 the stock rating was maintained by rean with “Buy”. The firm has “Buy” rating given on Wednesday, August 30 by H.C. Wainwright.

More news for Sorrento Therapeutics Inc (NASDAQ:SRNE) were recently published by: Prnewswire.com, which released: “Sorrento Therapeutics Appoints Mr. Dorman Followwill And Mr. Dave Lemus To The …” on October 02, 2017. Prnewswire.com‘s article titled: “Sorrento Therapeutics, Inc. To Present At Cantor Global Healthcare Conference …” and published on September 19, 2017 is yet another important article.

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