Sorrento Therapeutics, Inc. (SRNE) Given a $20.00 Price Target at HC Wainwright

Sorrento Therapeutics, Inc. (NASDAQ:SRNE) has been given a $20.00 price objective by investment analysts at HC Wainwright in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.

Other analysts have also issued research reports about the stock. FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. Rodman & Renshaw lowered their price target on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. Five equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has an average rating of “Buy” and a consensus price target of $15.80.

Sorrento Therapeutics (NASDAQ:SRNE) traded down 1.190% on Tuesday, reaching $2.075. 818,952 shares of the company’s stock traded hands. The company’s 50 day moving average is $1.70 and its 200-day moving average is $3.80. The stock’s market cap is $156.27 million. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $8.35.

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In other news, insider Henry Ji bought 29,001 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were acquired at an average price of $1.81 per share, with a total value of $52,491.81. Following the acquisition, the insider now owns 139,776 shares of the company’s stock, valued at approximately $252,994.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Abg Management Ltd bought 550,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 19th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,100,000.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,189,003 shares of company stock worth $6,370,395 in the last ninety days. 7.60% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of SRNE. State Street Corp raised its stake in Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock worth $2,519,000 after buying an additional 29,076 shares during the period. Vident Investment Advisory LLC purchased a new stake in Sorrento Therapeutics during the fourth quarter worth $696,000. Teachers Advisors LLC raised its stake in Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares during the period. FMR LLC purchased a new stake in Sorrento Therapeutics during the first quarter worth $430,000. Finally, Geode Capital Management LLC raised 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 worth $1,449,000 after buying an additional 13,495 shares during the period. 17.64% of the stock is currently 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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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