Sorrento Therapeutics (SRNE) Shares Gap Down Following Insider Selling

Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $4.44, but opened at $4.32. Sorrento Therapeutics shares last traded at $4.22, with a volume of 2155223 shares traded.

Specifically, major shareholder Abg Management Ltd sold 297,568 shares of the firm’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $5.02, for a total transaction of $1,493,791.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 6.00% of the stock is owned by company insiders.

A number of research firms have commented on SRNE. ValuEngine lowered Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, August 29th. TheStreet lowered Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. B. Riley began coverage on Sorrento Therapeutics in a research note on Thursday, June 28th. They set a “buy” rating and a $14.25 price objective on the stock. Finally, BidaskClub lowered Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Sorrento Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $21.08.

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.39 and a quick ratio of 1.39. The company has a market cap of $577.83 million, a PE ratio of 32.31 and a beta of 2.24.

Sorrento Therapeutics (NASDAQ:SRNE) last issued its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.53). Sorrento Therapeutics had a negative net margin of 15.76% and a negative return on equity of 11.88%. The business had revenue of $3.91 million during the quarter, compared to the consensus estimate of $3.28 million. equities analysts expect that Sorrento Therapeutics Inc will post -1.4 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of SRNE. Wells Fargo & Company MN increased its stake in shares of Sorrento Therapeutics by 19,948.0% in the 1st quarter. Wells Fargo & Company MN now owns 501,200 shares of the biopharmaceutical company’s stock valued at $2,581,000 after purchasing an additional 498,700 shares during the last quarter. Northern Trust Corp increased its stake in shares of Sorrento Therapeutics by 15.7% in the 1st quarter. Northern Trust Corp now owns 156,102 shares of the biopharmaceutical company’s stock valued at $804,000 after purchasing an additional 21,148 shares during the last quarter. BlackRock Inc. increased its stake in shares of Sorrento Therapeutics by 125.9% in the 1st quarter. BlackRock Inc. now owns 2,186,936 shares of the biopharmaceutical company’s stock valued at $11,262,000 after purchasing an additional 1,218,652 shares during the last quarter. Candriam Luxembourg S.C.A. bought a new position in shares of Sorrento Therapeutics in the 1st quarter valued at $1,597,000. Finally, First Republic Investment Management Inc. increased its stake in shares of Sorrento Therapeutics by 379.6% in the 1st quarter. First Republic Investment Management Inc. now owns 62,350 shares of the biopharmaceutical company’s stock valued at $321,000 after purchasing an additional 49,350 shares during the last quarter. Institutional investors own 24.85% of the company’s stock.

Sorrento Therapeutics Company Profile (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.

Further Reading: Average Daily Trade Volume – What You Need to Know

Receive News & Ratings for Sorrento Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply