Sorrento Therapeutics Inc. (NASDAQ:SRNE) dropped 1.3% during mid-day trading on Tuesday . The company traded as low as $6.85 and last traded at $6.86, with a volume of 324,936 shares trading hands. The stock had previously closed at $6.95.

SRNE has been the subject of a number of recent research reports. Brean Capital reissued a “buy” rating and set a $15.00 price objective on shares of Sorrento Therapeutics in a research report on Friday, July 15th. Rodman & Renshaw reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Wednesday, June 8th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Thursday, August 4th. Five investment analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has a consensus rating of “Buy” and an average target price of $24.20.

The stock’s market capitalization is $400.69 million. The firm has a 50-day moving average of $6.48 and a 200 day moving average of $6.20.

In other Sorrento Therapeutics news, major shareholder Patrick Soon-Shiong sold 6,901 shares of the firm’s stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $5.85, for a total value of $40,370.85. Following the completion of the transaction, the insider now owns 720,174 shares of the company’s stock, valued at $4,213,017.90. The transaction was disclosed in a filing with the SEC, 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 Sorrento Therapeutics Inc. (NASDAQ:SRNE) by 15.7% during the fourth quarter, according to its most recent Form 13F filing with the 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 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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