Sorrento Therapeutics Inc. (SRNE) Stock Price Up 3.7%
Shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) rose 3.7% during trading on Monday . The stock traded as high as $6.55 and last traded at $6.52, with a volume of 267,485 shares traded. The stock had previously closed at $6.29.
SRNE has been the topic of a number of research analyst reports. Rodman & Renshaw decreased their price target on shares of Sorrento Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, April 5th. FBR & Co decreased their price target on shares of Sorrento Therapeutics from $21.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, April 6th. Finally, Brean Capital reiterated a “buy” rating and issued a $15.00 price target on shares of Sorrento Therapeutics in a report on Friday, July 15th. 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 firm’s market cap is $262.18 million. The firm’s 50-day moving average is $6.10 and its 200-day moving average is $6.07.
In related news, major shareholder Patrick Soon-Shiong sold 37,792 shares of the stock in a transaction on Monday, June 13th. The stock was sold at an average price of $6.15, for a total value of $232,420.80. Following the completion of the sale, the insider now directly owns 736,146 shares of the company’s stock, valued at approximately $4,527,297.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
An institutional investor recently raised its position in Sorrento Therapeutics stock. Mutual of America Capital Management LLC increased 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 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 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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