Sorrento Therapeutics Inc. (SRNE) Stock Price Up 5.6%
Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s share price rose 5.6% during mid-day trading on Thursday . The company traded as high as $6.92 and last traded at $6.80, with a volume of 122,254 shares. The stock had previously closed at $6.44.
SRNE has been the topic of a number of recent analyst reports. Rodman & Renshaw reduced their price target 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. Brean Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of Sorrento Therapeutics in a research report on Friday, March 18th. Finally, FBR & Co reduced their price target on Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 6th. Six investment analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus target price of $25.83.
The firm’s market cap is $276.66 million. The company’s 50 day moving average is $6.20 and its 200-day moving average is $6.28.
In other Sorrento Therapeutics news, major shareholder Patrick Soon-Shiong sold 37,792 shares of the firm’s stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $6.15, for a total value of $232,420.80. Following the completion of the transaction, the insider now owns 736,146 shares of the company’s stock, valued at approximately $4,527,297.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC boosted its position 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 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.