Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s share price dropped 4.3% during mid-day trading on Monday . The stock traded as low as $6.03 and last traded at $6.03, with a volume of 122,275 shares. The stock had previously closed at $6.30.

SRNE has been the topic of several research reports. Rodman & Renshaw dropped their price objective on Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, April 5th. Brean Capital reissued a “buy” rating and set a $15.00 price target on shares of Sorrento Therapeutics in a report on Friday, July 15th. Finally, FBR & Co lowered their price target on Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, April 6th. Six analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has an average rating of “Buy” and a consensus price target of $25.83.

The stock’s market capitalization is $241.67 million. The company’s 50 day moving average price is $6.15 and its 200 day moving average price is $6.08.

In related news, major shareholder Patrick Soon-Shiong sold 37,792 shares of the business’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 transaction of $232,420.80. Following the completion of the transaction, the insider now owns 736,146 shares in the company, valued at $4,527,297.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

An institutional investor recently raised its position 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 disclosure with the 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 about 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.

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