Sorrento Therapeutics Inc. (SRNE) Sees Unusually-High Trading Volume
Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) saw strong trading volume on Wednesday . 212,025 shares changed hands during mid-day trading, a decline of 7% from the previous session’s volume of 228,081 shares.The stock last traded at $6.37 and had previously closed at $5.91.
SRNE has been the topic of a number of research reports. Brean Capital restated a “buy” rating and set a $15.00 price objective on shares of Sorrento Therapeutics in a research report on Friday, March 18th. FBR & Co reduced their price objective on Sorrento Therapeutics from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 16th. Finally, Rodman & Renshaw reduced their price objective on Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, April 5th. Six research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price of $25.83.
The stock’s 50-day moving average price is $6.20 and its 200 day moving average price is $6.28. The firm’s market cap is $258.97 million.
In related news, major shareholder Patrick Soon-Shiong sold 6,901 shares of the stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $5.85, for a total value of $40,370.85. Following the sale, the insider now owns 720,174 shares in the company, valued at $4,213,017.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC boosted 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 (SEC). The institutional investor 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 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.