Sorrento Therapeutics Inc. (NASDAQ:SRNE) was down 1.3% on Friday . The company traded as low as $6.74 and last traded at $6.83, with a volume of 95,249 shares trading hands. The stock had previously closed at $6.92.

A number of equities research analysts have recently weighed in on SRNE shares. Rodman & Renshaw dropped their price objective on Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, April 5th. FBR & Co dropped their price objective on Sorrento Therapeutics from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, March 16th. Finally, Brean Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, March 18th. Six equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $25.83.

The company’s market capitalization is $269.82 million. The stock’s 50-day moving average price is $6.25 and its 200-day moving average price is $6.28.

In related 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 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 of the company’s stock, valued at approximately $4,213,017.90. The transaction was disclosed in a filing with the SEC, which is available through this link.

A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC raised its position in 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 fund 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 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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