PNC Financial Services Group Inc. Buys 1,982 Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE)

PNC Financial Services Group Inc. lifted its stake in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 59.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,342 shares of the biopharmaceutical company’s stock after purchasing an additional 1,982 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sorrento Therapeutics were worth $51,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in shares of Sorrento Therapeutics by 3.5% during the 1st quarter. Arizona State Retirement System now owns 65,060 shares of the biopharmaceutical company’s stock valued at $538,000 after purchasing an additional 2,178 shares during the period. US Bancorp DE increased its stake in Sorrento Therapeutics by 10.0% in the 2nd quarter. US Bancorp DE now owns 25,840 shares of the biopharmaceutical company’s stock worth $251,000 after acquiring an additional 2,350 shares during the last quarter. Victory Capital Management Inc. increased its stake in Sorrento Therapeutics by 5.0% in the 2nd quarter. Victory Capital Management Inc. now owns 50,470 shares of the biopharmaceutical company’s stock worth $489,000 after acquiring an additional 2,398 shares during the last quarter. Sowell Financial Services LLC increased its stake in Sorrento Therapeutics by 86.7% in the 1st quarter. Sowell Financial Services LLC now owns 6,363 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 2,955 shares during the last quarter. Finally, Jacobi Capital Management LLC bought a new position in Sorrento Therapeutics in the 1st quarter worth about $31,000. Institutional investors own 26.01% of the company’s stock.

In other news, Director Kim Janda sold 8,000 shares of the company’s stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $8.04, for a total value of $64,320.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.40% of the stock is currently owned by corporate insiders.

Shares of NASDAQ SRNE opened at $7.99 on Thursday. The stock’s 50-day simple moving average is $8.48 and its two-hundred day simple moving average is $8.38. Sorrento Therapeutics, Inc. has a twelve month low of $5.17 and a twelve month high of $17.25. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.38 billion, a P/E ratio of -6.89 and a beta of 2.35.

Separately, HC Wainwright decreased their target price on Sorrento Therapeutics from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, August 9th.

Sorrento Therapeutics Company Profile

Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.

Further Reading: Put Option

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

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