Sorrento Therapeutics Inc. (NASDAQ:SRNE) shares dropped 3% during mid-day trading on Tuesday . The company traded as low as $6.68 and last traded at $6.73, with a volume of 125,762 shares. The stock had previously closed at $6.94.

SRNE has been the subject of a number of research analyst reports. FBR & Co reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Thursday, August 4th. Rodman & Renshaw reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Wednesday, June 8th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Friday. Five equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics currently has a consensus rating of “Buy” and an average target price of $24.20.

The firm’s market cap is $386.29 million. The firm has a 50 day moving average price of $6.37 and a 200-day moving average price of $6.14.

In other news, major shareholder Patrick Soon-Shiong sold 37,792 shares of the firm’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 sale, the insider now owns 736,146 shares of the company’s stock, valued at $4,527,297.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

A hedge fund recently raised its stake in Sorrento Therapeutics stock. Mutual of America Capital Management LLC increased 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 0.41% of Sorrento Therapeutics worth $1,334,000 at the end of the most recent reporting period.

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.