Sorrento Therapeutics Inc. (SRNE) Trading 5.6% Higher
Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) traded up 5.6% during mid-day trading on Thursday . The company traded as high as $6.92 and last traded at $6.80, with a volume of 122,254 shares traded. The stock had previously closed at $6.44.
A number of analysts have recently issued reports on the company. Brean Capital reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Wednesday, April 6th. Rodman & Renshaw reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Wednesday, June 8th. Finally, FBR & Co lowered their price target on Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 6th. Six research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $25.83.
The company’s market cap is $269.82 million. The firm has a 50-day moving average price of $6.25 and a 200-day moving average price of $6.28.
In other news, major shareholder Patrick Soon-Shiong sold 6,901 shares of the stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $5.85, for a total transaction of $40,370.85. Following the completion of the transaction, the insider now directly owns 720,174 shares of the company’s stock, valued at approximately $4,213,017.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC raised its position in Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 approximately 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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