Sorrento Therapeutics Inc. (SRNE) Sees Large Volume Increase
Sorrento Therapeutics Inc. (NASDAQ:SRNE) saw an uptick in trading volume on Monday . 175,274 shares traded hands during mid-day trading, an increase of 11% from the previous session’s volume of 157,281 shares.The stock last traded at $6.86 and had previously closed at $6.83.
A number of brokerages have commented on SRNE. Rodman & Renshaw reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Sunday, July 17th. Brean Capital reissued a “buy” rating and issued a $15.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, July 15th. Finally, FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday. Five analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has an average rating of “Buy” and an average price target of $24.20.
The stock’s market capitalization is $275.45 million. The stock has a 50 day moving average of $6.20 and a 200-day moving average of $6.10.
In related news, major shareholder Patrick Soon-Shiong sold 53,764 shares of the firm’s stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $6.14, for a total value of $330,110.96. Following the sale, the insider now owns 736,146 shares of the company’s stock, valued at $4,519,936.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
An institutional investor recently raised its position in Sorrento Therapeutics stock. Mutual of America Capital Management LLC boosted its stake in shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent 13F filing with the 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 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.