HC Wainwright Analysts Give Sorrento Therapeutics, Inc. (SRNE) a $20.00 Price Target
Sorrento Therapeutics, Inc. (NASDAQ:SRNE) has been given a $20.00 target price by equities research analysts at HC Wainwright in a report issued on Tuesday. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock.
A number of other brokerages have also issued reports on SRNE. FBR & Co restated an “outperform” rating and issued a $9.00 target price (down previously from $13.00) on shares of Sorrento Therapeutics in a research note on Monday, May 22nd. Rodman & Renshaw reduced their target price on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 22nd. Five equities 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 $15.80.
Shares of Sorrento Therapeutics (SRNE) traded up 2.63% on Tuesday, reaching $1.95. The company’s stock had a trading volume of 564,955 shares. The firm’s market capitalization is $146.85 million. The firm has a 50-day moving average price of $1.73 and a 200 day moving average price of $3.65. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $8.35.
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In related news, CEO Henry Ji acquired 100,000 shares of Sorrento Therapeutics stock in a transaction on Wednesday, April 19th. The stock was acquired at an average price of $2.00 per share, for a total transaction of $200,000.00. Following the purchase, the chief executive officer now owns 139,776 shares of the company’s stock, valued at approximately $279,552. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Abg Management Ltd acquired 2,500,000 shares of Sorrento Therapeutics stock in a transaction on Thursday, April 13th. The shares were bought at an average price of $2.00 per share, with a total value of $5,000,000.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,189,003 shares of company stock valued at $6,370,395 in the last quarter. Company insiders own 5.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its position in Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock worth $601,000 after buying an additional 3,057 shares during the last quarter. KCG Holdings Inc. bought a new position in Sorrento Therapeutics during the first quarter worth $108,000. Geode Capital Management LLC raised its position 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 during the last quarter. FMR LLC bought a new position in Sorrento Therapeutics during the first quarter worth $430,000. Finally, Vident Investment Advisory LLC raised its position 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 during the last quarter. Institutional investors and hedge funds own 17.37% 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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