Northern Trust Corp lifted its stake in shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) by 542.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,003,650 shares of the biopharmaceutical company’s stock after acquiring an additional 847,548 shares during the period. Northern Trust Corp owned 0.86% of Sorrento Therapeutics worth $7,226,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its stake in shares of Sorrento Therapeutics by 7.1% during the second quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock valued at $988,000 after acquiring an additional 9,146 shares during the last quarter. First Republic Investment Management Inc. boosted its stake in shares of Sorrento Therapeutics by 16.0% during the second quarter. First Republic Investment Management Inc. now owns 72,350 shares of the biopharmaceutical company’s stock valued at $521,000 after acquiring an additional 10,000 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Sorrento Therapeutics during the second quarter valued at $100,000. SG Americas Securities LLC acquired a new stake in shares of Sorrento Therapeutics during the second quarter valued at $130,000. Finally, BlueMountain Capital Management LLC acquired a new stake in shares of Sorrento Therapeutics during the second quarter valued at $132,000. 24.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:SRNE opened at $3.60 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.39 and a debt-to-equity ratio of 0.65. Sorrento Therapeutics Inc has a 12-month low of $2.15 and a 12-month high of $10.65. The stock has a market capitalization of $407.40 million, a price-to-earnings ratio of 27.69 and a beta of 2.48.
In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 297,568 shares of the firm’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $5.02, for a total value of $1,493,791.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is currently owned by company insiders.
A number of analysts recently commented on SRNE shares. HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Wednesday, August 29th. ValuEngine raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday, November 6th. Oppenheimer set a $10.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Monday. TheStreet lowered Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. Finally, BidaskClub raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 3rd. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $21.42.
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Sorrento Therapeutics Profile
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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