Sorrento Therapeutics Inc. (NASDAQ:SRNE) shares were up 5.1% on Monday . The stock traded as high as $6.98 and last traded at $6.97, with a volume of 138,603 shares. The stock had previously closed at $6.63.

Several research analysts recently weighed in on SRNE shares. FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Brean Capital reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Friday, August 12th. Finally, Rodman & Renshaw reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Wednesday, June 8th. Five research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $24.20.

The company’s market cap is $400.54 million. The firm’s 50-day moving average price is $6.44 and its 200 day moving average price is $6.15.

In other news, major shareholder Patrick Soon-Shiong sold 37,792 shares of the stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $6.15, for a total value of $232,420.80. Following the completion of the transaction, the insider now owns 736,146 shares of the company’s stock, valued at $4,527,297.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 approximately 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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