Sorrento Therapeutics Inc. (SRNE) Sees Strong Trading Volume
Sorrento Therapeutics Inc. (NASDAQ:SRNE) saw unusually-high trading volume on Wednesday . Approximately 162,630 shares were traded during trading, a decline of 6% from the previous session’s volume of 173,084 shares.The stock last traded at $6.98 and had previously closed at $6.96.
SRNE has been the topic of a number of analyst reports. Rodman & Renshaw reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Monday, July 11th. Brean Capital reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Friday, August 12th. Finally, FBR & Co restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Five analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus target price of $24.20.
The stock has a 50 day moving average price of $6.48 and a 200 day moving average price of $6.20. The company’s market capitalization is $370.18 million.
In other news, major shareholder Patrick Soon-Shiong sold 53,764 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $6.14, for a total transaction of $330,110.96. Following the sale, the insider now owns 736,146 shares in the company, valued at $4,519,936.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
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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