Sorrento Therapeutics Inc. (SRNE) Trading 5.5% Higher
Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s share price traded up 5.5% during mid-day trading on Monday . The stock traded as high as $6.89 and last traded at $6.88, with a volume of 77,755 shares trading hands. The stock had previously closed at $6.52.
A number of equities research analysts have weighed in on the stock. Brean Capital reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Friday. Rodman & Renshaw reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Sunday, July 17th. Finally, FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Five investment analysts have rated the stock with a buy rating, Sorrento Therapeutics has a consensus rating of “Buy” and a consensus price target of $24.20.
The company has a 50 day moving average of $6.30 and a 200-day moving average of $6.11. The company’s market capitalization is $399.54 million.
In related news, major shareholder Patrick Soon-Shiong sold 37,792 shares of Sorrento Therapeutics stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $6.15, for a total transaction of $232,420.80. Following the transaction, the insider now directly owns 736,146 shares of the company’s stock, valued at $4,527,297.90. The sale was disclosed in a filing 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 stake 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 (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 at the end of the most recent reporting period.
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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