Vanguard Group Inc. cut its holdings in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 2.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,541,266 shares of the biopharmaceutical company’s stock after selling 35,751 shares during the period. Vanguard Group Inc. owned 3.56% of Sorrento Therapeutics worth $6,088,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Vident Investment Advisory LLC grew its stake in Sorrento Therapeutics by 20.0% during the first quarter. Vident Investment Advisory LLC now owns 170,534 shares of the biopharmaceutical company’s stock valued at $674,000 after acquiring an additional 28,420 shares in the last quarter. FMR LLC purchased a new position in shares of Sorrento Therapeutics during the 1st quarter worth about $430,000. Finally, Teachers Advisors LLC boosted its stake in shares of Sorrento Therapeutics by 10.8% during the 4th quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after purchasing an additional 4,099 shares during the period. Hedge funds and other institutional investors own 16.32% of the company’s stock.
Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) traded down 2.78% during mid-day trading on Friday, reaching $1.75. 67,062 shares of the company were exchanged. The stock’s market capitalization is $120.70 million. The stock has a 50 day moving average price of $1.79 and a 200-day moving average price of $2.35. Sorrento Therapeutics, Inc. has a 12 month low of $1.50 and a 12 month high of $8.35.
Several equities research analysts have recently commented on the stock. Roth Capital assumed coverage on shares of Sorrento Therapeutics in a report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 price target for the company. Oppenheimer Holdings, Inc. started coverage on shares of Sorrento Therapeutics in a report on Friday, August 4th. They issued an “outperform” rating and a $7.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective on shares of Sorrento Therapeutics in a research note on Thursday, August 24th. Rodman & Renshaw dropped their target price 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. Finally, FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. Six investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $11.67.
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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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