Sorrento Therapeutics Inc. (SRNE) Sees Large Volume Increase
Sorrento Therapeutics Inc. (NASDAQ:SRNE) saw unusually-high trading volume on Wednesday . Approximately 162,630 shares traded hands during mid-day 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 subject of several research reports. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a report on Thursday, August 4th. Brean Capital reiterated a “buy” rating on shares of Sorrento Therapeutics in a report on Friday, August 12th. Finally, Rodman & Renshaw reiterated a “buy” rating on shares of Sorrento Therapeutics in a report on Wednesday, June 8th. Five equities research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus price target of $24.20.
The company’s market capitalization is $374.21 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 37,792 shares of Sorrento Therapeutics stock in a transaction that occurred on Monday, June 13th. The stock was sold at an average price of $6.15, for a total transaction of $232,420.80. Following the transaction, the insider now owns 736,146 shares in the company, valued at $4,527,297.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
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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