Oppenheimer Holdings, Inc. initiated coverage on shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research note published on Friday morning. The brokerage issued an outperform rating and a $7.00 price objective on the biopharmaceutical company’s stock.

Several other equities research analysts have also commented on SRNE. FBR & Co restated an outperform rating and set a $9.00 target price (down from $13.00) on shares of Sorrento Therapeutics in a research report on Monday, May 22nd. Rodman & Renshaw cut their target price on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a buy rating for the company in a research note on Monday, May 22nd. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the company a buy rating in a report on Monday, May 22nd. UBS AG started coverage on Sorrento Therapeutics in a report on Thursday. They issued an outperform rating and a $7.00 price target for the company. Finally, Roth Capital initiated coverage on Sorrento Therapeutics in a report on Thursday. They issued a buy rating and a $7.00 price target for the company. Seven research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and a consensus target price of $11.67.

Sorrento Therapeutics (NASDAQ SRNE) traded up 1.351% during mid-day trading on Friday, hitting $1.875. 915,307 shares of the stock traded hands. The stock’s market cap is $141.20 million. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $8.35. The company has a 50 day moving average of $1.96 and a 200-day moving average of $3.10.

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In other news, insider Henry Ji purchased 29,001 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were acquired at an average cost of $1.81 per share, with a total value of $52,491.81. Following the transaction, the insider now owns 139,776 shares in the company, valued at approximately $252,994.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.00% of the company’s stock.

A number of large investors have recently modified their holdings of SRNE. KCG Holdings Inc. bought a new stake in shares of Sorrento Therapeutics during the first quarter valued at $108,000. LMR Partners LLP bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at $177,000. Crow Point Partners LLC bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at $200,000. Teachers Advisors LLC raised its stake in shares of Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock valued at $205,000 after buying an additional 4,099 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at $230,000. 17.51% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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