Sorrento Therapeutics, Inc. (NASDAQ:SRNE) saw a large drop in short interest in September. As of September 29th, there was short interest totalling 1,723,482 shares, a drop of 33.8% from the September 15th total of 2,605,018 shares. Based on an average daily volume of 415,992 shares, the short-interest ratio is currently 4.1 days. Currently, 4.2% of the shares of the company are sold short.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crow Point Partners LLC acquired a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at $200,000. KCG Holdings Inc. acquired a new stake in shares of Sorrento Therapeutics in the 1st quarter valued at $108,000. Intellectus Partners LLC increased its stake in shares of Sorrento Therapeutics by 44.7% in the 2nd quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock valued at $3,172,000 after buying an additional 490,000 shares during the period. FMR LLC acquired a new stake in shares of Sorrento Therapeutics in the 1st quarter valued at $430,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at $306,000. 15.83% of the stock is owned by institutional investors.
A number of analysts recently commented on the stock. HC Wainwright set a $20.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, July 4th. Oppenheimer Holdings, Inc. set a $7.00 price objective on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, August 29th. Roth Capital assumed coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They set a “buy” rating and a $7.00 price objective for the company. Finally, UBS AG assumed coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They set an “outperform” rating and a $7.00 price objective for the company. Six research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price of $11.67.
Shares of Sorrento Therapeutics (NASDAQ:SRNE) opened at 2.50 on Friday. The firm’s 50-day moving average is $2.14 and its 200 day moving average is $1.92. The firm’s market capitalization is $172.43 million. Sorrento Therapeutics has a 52 week low of $1.50 and a 52 week high of $6.60.
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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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