Alambic Investment Management L.P. boosted its stake in Sorrento Therapeutics (NASDAQ:SRNE) by 946.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 417,034 shares of the biopharmaceutical company’s stock after acquiring an additional 377,182 shares during the period. Alambic Investment Management L.P. owned 0.46% of Sorrento Therapeutics worth $2,148,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of SRNE. Millennium Management LLC increased its position in Sorrento Therapeutics by 127.3% in the 4th quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock valued at $4,773,000 after acquiring an additional 703,505 shares during the period. Wells Fargo & Company MN increased its position in 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 acquiring an additional 498,700 shares during the period. BlackRock Inc. increased its position in 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 during the period. Acadian Asset Management LLC acquired a new position in Sorrento Therapeutics in the 4th quarter valued at about $200,000. Finally, JPMorgan Chase & Co. increased its position in Sorrento Therapeutics by 139.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares during the period. Hedge funds and other institutional investors own 12.19% of the company’s stock.
NASDAQ SRNE opened at $7.20 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.02. Sorrento Therapeutics has a 12-month low of $7.35 and a 12-month high of $7.65.
Several equities analysts have issued reports on SRNE shares. BidaskClub upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, March 14th. HC Wainwright set a $38.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, March 6th. Finally, Oppenheimer reiterated a “buy” rating and set a $9.00 target price on shares of Sorrento Therapeutics in a research report on Friday, January 19th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $15.33.
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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