Sorrento Therapeutics Inc. (SRNE) Shares Down 3.9%
Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s share price dropped 3.9% during trading on Tuesday . The company traded as low as $6.11 and last traded at $6.11, with a volume of 176,424 shares trading hands. The stock had previously closed at $6.36.
SRNE has been the topic of a number of recent analyst reports. Rodman & Renshaw dropped their price target on shares of Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, April 5th. FBR & Co dropped their target price on shares of Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 6th. Finally, Brean Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Sorrento Therapeutics in a research report on Friday. Six analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of $25.83.
The stock’s 50 day moving average is $6.22 and its 200 day moving average is $6.13. The firm’s market cap is $245.70 million.
In other Sorrento Therapeutics 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 transaction of $40,370.85. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this hyperlink.
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 Form 13F filing with the Securities and Exchange Commission. 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 filing with the SEC.
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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