Sorrento Therapeutics Inc. (SRNE) Trading Up 5.5%
Sorrento Therapeutics Inc. (NASDAQ:SRNE) was up 5.5% on Monday . The stock traded as high as $6.89 and last traded at $6.88, with a volume of 77,755 shares. The stock had previously closed at $6.52.
Several equities research analysts recently weighed in on SRNE shares. Rodman & Renshaw reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Monday, July 11th. FBR & Co reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Friday, August 12th. Five equities research analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus price target of $24.20.
The company’s 50 day moving average price is $6.37 and its 200 day moving average price is $6.14. The stock’s market cap is $386.29 million.
In other news, major shareholder Patrick Soon-Shiong sold 37,792 shares of Sorrento Therapeutics stock in a transaction dated 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 directly owns 736,146 shares in the company, valued at $4,527,297.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
An institutional investor recently raised its position in Sorrento Therapeutics stock. Mutual of America Capital Management LLC increased its stake in Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund 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.
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