Sorrento Therapeutics, Inc. (SRNE) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research report sent to investors on Thursday. HC Wainwright currently has a $20.00 target price on the biopharmaceutical company’s stock.

Other analysts also recently issued reports about the stock. FBR & Co restated a buy rating on shares of Sorrento Therapeutics in a report on Saturday, June 17th. Oppenheimer Holdings, Inc. set a $7.00 target price on shares of Sorrento Therapeutics and gave the stock a buy rating in a report on Tuesday. Roth Capital assumed coverage on shares of Sorrento Therapeutics in a report on Thursday, August 3rd. They set a buy rating and a $7.00 target price on the stock. UBS AG assumed coverage on shares of Sorrento Therapeutics in a report on Thursday, August 3rd. They set an outperform rating and a $7.00 target price on the stock. Finally, Rodman & Renshaw dropped their target price on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a buy rating on the stock in a report on Monday, May 22nd. Six investment analysts have rated the stock with a buy rating, The company currently has a consensus rating of Buy and a consensus price target of $11.67.

Shares of Sorrento Therapeutics (NASDAQ SRNE) traded up 3.03% during trading on Thursday, hitting $1.70. 349,786 shares of the company’s stock were exchanged. Sorrento Therapeutics has a 1-year low of $1.50 and a 1-year high of $8.35. The firm’s market capitalization is $117.25 million. The stock’s 50 day moving average is $1.87 and its 200 day moving average is $2.72.

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In other Sorrento Therapeutics news, insider Henry Ji acquired 29,001 shares of the stock in a transaction dated Thursday, June 15th. The shares were bought at an average cost of $1.81 per share, for a total transaction of $52,491.81. Following the completion of the acquisition, the insider now directly owns 139,776 shares of the company’s stock, valued at $252,994.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after buying an additional 389,258 shares in the last quarter. Intellectus Partners LLC boosted its position in Sorrento Therapeutics by 44.7% in the second 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 in the last quarter. State Street Corp boosted its position in Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock valued at $2,519,000 after buying an additional 29,076 shares in the last quarter. Geode Capital Management LLC boosted its position in Sorrento Therapeutics by 3.8% in the first quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock valued at $1,449,000 after buying an additional 13,495 shares in the last quarter. Finally, Vident Investment Advisory LLC boosted its position in Sorrento Therapeutics by 20.0% in the first quarter. Vident Investment Advisory LLC now owns 170,534 shares of the biopharmaceutical company’s stock valued at $674,000 after buying an additional 28,420 shares in the last quarter. 17.50% of the stock is owned by institutional investors and hedge funds.

About Sorrento Therapeutics

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.