Monashee Investment Management LLC acquired a new stake in Sorrento Therapeutics Inc (NASDAQ:SRNE) in the 4th quarter, Holdings Channel reports. The firm acquired 31,250 shares of the biopharmaceutical company’s stock, valued at approximately $119,000.
Several other large investors also recently added to or reduced their stakes in SRNE. Vanguard Group Inc. increased its stake in shares of Sorrento Therapeutics by 25.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after acquiring an additional 389,258 shares in the last quarter. BlackRock Inc. increased its stake in shares of Sorrento Therapeutics by 45.0% in the 4th quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after acquiring an additional 300,518 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Sorrento Therapeutics during the 4th quarter valued at $200,000. JPMorgan Chase & Co. increased its stake in Sorrento Therapeutics by 139.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after purchasing an additional 44,294 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 41,683 shares in the last quarter. Institutional investors own 12.32% of the company’s stock.
Shares of Sorrento Therapeutics Inc (NASDAQ SRNE) opened at $8.40 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.18. Sorrento Therapeutics Inc has a one year low of $1.50 and a one year high of $9.55.
A number of analysts have commented on the stock. HC Wainwright restated a “buy” rating and set a $35.00 price target on shares of Sorrento Therapeutics in a research note on Tuesday. BidaskClub upgraded shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 17th. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Finally, Oppenheimer set a $6.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the stock. Sorrento Therapeutics presently has a consensus rating of “Buy” and an average price target of $14.50.
In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 310,000 shares of Sorrento Therapeutics stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $7.64, for a total transaction of $2,368,400.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of Sorrento Therapeutics stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total transaction of $5,173,217.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,215,009 shares of company stock valued at $9,185,885 in the last 90 days. 5.00% of the stock is currently owned by company insiders.
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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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