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

Several analysts have commented on SRNE shares. Rodman & Renshaw reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Wednesday, June 8th. Brean Capital reissued a “buy” rating and set a $15.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, July 15th. Finally, FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research note on Thursday, August 4th. Five equities research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average target price of $24.20.

The firm’s market capitalization is $370.18 million. The firm has a 50 day moving average price of $6.50 and a 200 day moving average price of $6.20.

In related news, major shareholder Patrick Soon-Shiong sold 6,901 shares of the stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $5.85, for a total transaction of $40,370.85. Following the completion of the sale, the insider now directly owns 720,174 shares of the company’s stock, valued at $4,213,017.90. The transaction was disclosed in a document filed with the SEC, which can be accessed 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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