Sorrento Therapeutics, Inc. (SRNE) Stock Price Down 13.5%

Sorrento Therapeutics, Inc. (NASDAQ:SRNE)’s share price fell 13.5% during mid-day trading on Thursday . The company traded as low as $3.00 and last traded at $3.20. 4,773,768 shares changed hands during mid-day trading, an increase of 426% from the average session volume of 907,138 shares. The stock had previously closed at $3.70.

A number of brokerages recently issued reports on SRNE. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a report on Tuesday, June 27th. FBR & Co reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a report on Saturday, June 17th. Oppenheimer Holdings, Inc. set a $7.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a report on Tuesday, August 29th. Roth Capital began coverage on Sorrento Therapeutics in a report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 price target for the company. Finally, UBS AG began coverage on Sorrento Therapeutics in a report on Thursday, August 3rd. They issued an “outperform” rating and a $7.00 price target for the company. Six investment analysts have rated the stock with a buy rating, Sorrento Therapeutics has a consensus rating of “Buy” and a consensus price target of $11.67.

The firm’s 50 day moving average price is $1.89 and its 200 day moving average price is $1.99. The stock’s market capitalization is $220.71 million.

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 41,683 shares in the last quarter. KCG Holdings Inc. acquired a new stake in Sorrento Therapeutics during the 1st quarter valued at approximately $108,000. Matrix Asset Advisors Inc. NY grew its stake in Sorrento Therapeutics by 227.3% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock valued at $144,000 after purchasing an additional 50,000 shares in the last quarter. LMR Partners LLP acquired a new stake in Sorrento Therapeutics during the 2nd quarter valued at approximately $177,000. Finally, Crow Point Partners LLC acquired a new stake in Sorrento Therapeutics during the 2nd quarter valued at approximately $200,000. Hedge funds and other institutional investors own 16.31% of the company’s stock.

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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.

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