Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) fell 4.7% during mid-day trading on Wednesday . The stock traded as low as $6.50 and last traded at $6.52, with a volume of 59,982 shares trading hands. The stock had previously closed at $6.84.

Several brokerages have issued reports on SRNE. Rodman & Renshaw restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Sunday, July 17th. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Finally, Brean Capital reiterated a “buy” rating and set a $15.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, July 15th. Five equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $24.20.

The company has a 50-day moving average of $6.23 and a 200-day moving average of $6.10. The firm’s market capitalization is $370.18 million.

In other Sorrento Therapeutics news, major shareholder Patrick Soon-Shiong sold 53,764 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $6.14, for a total transaction of $330,110.96. Following the sale, the insider now directly owns 736,146 shares in the company, valued at approximately $4,519,936.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

An institutional investor recently raised its position in Sorrento Therapeutics stock. Mutual of America Capital Management LLC raised 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. 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 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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