Advisors Management Group Inc. ADV Invests $941,000 in Sorrento Therapeutics Inc (SRNE)

Advisors Management Group Inc. ADV bought a new position in shares of Sorrento Therapeutics Inc (NASDAQ:SRNE) in the 1st quarter, HoldingsChannel.com reports. The firm bought 198,041 shares of the biopharmaceutical company’s stock, valued at approximately $941,000.

Several other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of Sorrento Therapeutics by 1.3% during the fourth quarter. BlackRock Inc. now owns 7,566,238 shares of the biopharmaceutical company’s stock worth $18,158,000 after purchasing an additional 95,416 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Sorrento Therapeutics by 20.6% during the third quarter. Vanguard Group Inc. now owns 5,421,877 shares of the biopharmaceutical company’s stock worth $23,856,000 after purchasing an additional 925,542 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Sorrento Therapeutics by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock worth $2,522,000 after purchasing an additional 60,260 shares in the last quarter. Deutsche Bank AG grew its position in shares of Sorrento Therapeutics by 136.1% during the fourth quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock worth $2,273,000 after purchasing an additional 546,298 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in Sorrento Therapeutics by 0.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 894,000 shares of the biopharmaceutical company’s stock valued at $2,145,000 after buying an additional 7,384 shares in the last quarter. Hedge funds and other institutional investors own 18.66% of the company’s stock.

Several research firms have weighed in on SRNE. HC Wainwright set a $40.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a report on Friday, March 22nd. BidaskClub upgraded Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Tuesday, March 26th. Zacks Investment Research cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, May 22nd. Finally, B. Riley raised their price target on Sorrento Therapeutics from $10.50 to $12.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $20.67.

NASDAQ SRNE opened at $2.95 on Thursday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.54 and a current ratio of 1.60. Sorrento Therapeutics Inc has a 1-year low of $1.80 and a 1-year high of $7.65.

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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. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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