Sorrento Therapeutics Inc. (SRNE) Shares Down 1.3%
Sorrento Therapeutics Inc. (NASDAQ:SRNE) traded down 1.3% during trading on Friday . The company traded as low as $6.74 and last traded at $6.83, with a volume of 95,249 shares traded. The stock had previously closed at $6.92.
A number of equities research analysts recently commented on the stock. Rodman & Renshaw restated a “buy” rating on shares of Sorrento Therapeutics in a report on Wednesday, June 8th. Brean Capital restated a “buy” rating on shares of Sorrento Therapeutics in a report on Wednesday, April 6th. Finally, FBR & Co dropped their price objective on shares of Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, April 6th. Six research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average target price of $25.83.
The stock’s market capitalization is $269.82 million. The company’s 50-day moving average price is $6.22 and its 200 day moving average price is $6.28.
In other news, major shareholder Patrick Soon-Shiong sold 53,764 shares of the company’s stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $6.14, for a total value of $330,110.96. Following the sale, the insider now directly owns 736,146 shares of the company’s stock, valued at approximately $4,519,936.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC increased its position in shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 153,118 shares of the biopharmaceutical company’s stock after buying an additional 20,796 shares during the period. Mutual of America Capital Management LLC owned about 0.41% of Sorrento Therapeutics worth $1,334,000 at the end of the most recent quarter.
Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.
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