Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) rose 5.1% during mid-day trading on Monday . The stock traded as high as $6.98 and last traded at $6.97, with a volume of 138,603 shares trading hands. The stock had previously closed at $6.63.

SRNE has been the topic of several research reports. Brean Capital restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Friday, August 12th. FBR & Co restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Finally, Rodman & Renshaw restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Sunday, July 17th. Five equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics has a consensus rating of “Buy” and an average target price of $24.20.

The company’s market cap is $397.23 million. The firm has a 50 day moving average price of $6.48 and a 200 day moving average price of $6.20.

In other news, major shareholder Patrick Soon-Shiong sold 6,901 shares of the company’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $5.85, for a total transaction of $40,370.85. Following the completion of the sale, the insider now owns 720,174 shares of the company’s stock, valued at approximately $4,213,017.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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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