Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Coverage Initiated by Analysts at UBS AG
UBS AG initiated coverage on shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research report sent to investors on Thursday, The Fly reports. The firm issued an outperform rating and a $7.00 target price on the biopharmaceutical company’s stock.
A number of other equities research analysts have also issued reports on SRNE. HC Wainwright set a $20.00 price target on shares of Sorrento Therapeutics and gave the company a buy rating in a report on Tuesday, July 4th. FBR & Co restated a buy rating on shares of Sorrento Therapeutics in a report on Saturday, June 17th. Finally, Rodman & Renshaw cut their price target on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a buy rating on the stock in a report on Monday, May 22nd. Seven research analysts have rated the stock with a buy rating, Sorrento Therapeutics has an average rating of Buy and a consensus target price of $11.67.
Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at 1.85 on Thursday. The firm’s market cap is $139.32 million. The company’s 50-day moving average is $1.96 and its 200-day moving average is $3.10. Sorrento Therapeutics has a 12 month low of $1.50 and a 12 month high of $8.35.
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In other news, insider Henry Ji purchased 29,001 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were acquired at an average price of $1.81 per share, for a total transaction of $52,491.81. Following the completion of the acquisition, the insider now directly owns 139,776 shares of the company’s stock, valued at $252,994.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock worth $2,519,000 after buying an additional 29,076 shares in the last quarter. Teachers Advisors LLC raised its stake in Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares in the last quarter. Vident Investment Advisory LLC raised its stake in Sorrento Therapeutics by 20.0% in the first quarter. Vident Investment Advisory LLC now owns 170,534 shares of the biopharmaceutical company’s stock worth $674,000 after buying an additional 28,420 shares in the last quarter. FMR LLC purchased a new stake in Sorrento Therapeutics during the first quarter worth about $430,000. Finally, Geode Capital Management LLC raised its stake in Sorrento Therapeutics by 3.8% in the first quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock worth $1,449,000 after buying an additional 13,495 shares in the last quarter. Institutional investors and hedge funds own 17.51% of the company’s stock.
Sorrento Therapeutics Company Profile
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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