Insider Buying: Sorrento Therapeutics, Inc. (SRNE) Director Purchases $17,903.58 in Stock

Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Director Jaisim Shah bought 10,002 shares of Sorrento Therapeutics stock in a transaction dated Thursday, June 15th. The stock was purchased at an average price of $1.79 per share, with a total value of $17,903.58. Following the purchase, the director now directly owns 112,633 shares in the company, valued at approximately $201,613.07. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) traded down 9.50% during mid-day trading on Tuesday, hitting $1.81. 1,459,042 shares of the company traded hands. The firm’s market cap is $136.31 million. The firm has a 50-day moving average price of $1.70 and a 200 day moving average price of $3.82. Sorrento Therapeutics, Inc. has a 52-week low of $1.50 and a 52-week high of $8.35.

Insider Buying and Selling by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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Several analysts have recently commented on SRNE shares. FBR & Co restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Tuesday, April 4th. Rodman & Renshaw reduced their target price on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 22nd. Finally, HC Wainwright set a $20.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Monday, May 22nd. Five research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $15.80.

A number of large investors have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock valued at $601,000 after buying an additional 3,057 shares during the last quarter. KCG Holdings Inc. bought a new stake in Sorrento Therapeutics during the first quarter valued at $108,000. Geode Capital Management LLC increased its stake 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 during the last quarter. FMR LLC bought a new stake in Sorrento Therapeutics during the first quarter valued at $430,000. Finally, Vident Investment Advisory LLC increased its stake 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 during the last quarter. 17.70% of the stock is owned by institutional investors and hedge funds.

Sorrento Therapeutics Company Profile

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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