Sorrento Therapeutics Inc (NASDAQ:SRNE) shares shot up 11.1% during mid-day trading on Monday . The stock traded as high as $5.55 and last traded at $5.50. 1,397,520 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 2,571,254 shares. The stock had previously closed at $4.95.

Several brokerages have issued reports on SRNE. ValuEngine cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. BidaskClub cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. B. Riley began coverage on Sorrento Therapeutics in a research report on Thursday, June 28th. They issued a “buy” rating and a $14.25 target price on the stock. HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Monday. Finally, TheStreet cut Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research report on Tuesday, July 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $21.08.

The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.06.

A number of large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its position in Sorrento Therapeutics by 7.1% in the second quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock worth $988,000 after purchasing an additional 9,146 shares during the last quarter. First Republic Investment Management Inc. raised its stake in shares of Sorrento Therapeutics by 16.0% in the second quarter. First Republic Investment Management Inc. now owns 72,350 shares of the biopharmaceutical company’s stock worth $521,000 after buying an additional 10,000 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Sorrento Therapeutics in the second quarter worth about $100,000. SG Americas Securities LLC bought a new position in shares of Sorrento Therapeutics in the second quarter worth about $130,000. Finally, BlueMountain Capital Management LLC bought a new position in shares of Sorrento Therapeutics in the second quarter worth about $132,000. 24.85% of the stock is currently owned by institutional investors and hedge funds.

About Sorrento Therapeutics (NASDAQ:SRNE)

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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