Sorrento Therapeutics Inc. (SRNE) Trading Up 4.6%
Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) were up 4.6% on Wednesday . The company traded as high as $6.44 and last traded at $6.39, with a volume of 89,391 shares traded. The stock had previously closed at $6.11.
A number of analysts recently weighed in on SRNE shares. Rodman & Renshaw reduced their price objective on shares of Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, April 5th. FBR & Co reduced their price objective on shares of Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 6th. Finally, Brean Capital reissued a “buy” rating on shares of Sorrento Therapeutics in a research report on Wednesday, April 6th. Six research analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has an average rating of “Buy” and an average target price of $25.83.
The company has a 50-day moving average price of $6.21 and a 200 day moving average price of $6.13. The company’s market cap is $257.36 million.
In other news, major shareholder Patrick Soon-Shiong sold 53,764 shares of Sorrento Therapeutics stock in a transaction dated 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 owns 736,146 shares in the company, valued at $4,519,936.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC increased its stake in shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 0.41% of Sorrento Therapeutics worth $1,334,000 as of its most recent SEC filing.
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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