Sorrento Therapeutics (SRNE) Shares Gap Down on Insider Selling
Sorrento Therapeutics Inc (NASDAQ:SRNE) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $4.44, but opened at $4.32. Sorrento Therapeutics shares last traded at $4.22, with a volume of 2155223 shares traded.
Specifically, major shareholder Abg Management Ltd sold 297,568 shares of the business’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $5.02, for a total transaction of $1,493,791.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 6.00% of the company’s stock.
Several research analysts have commented on the company. BidaskClub downgraded Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday. HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Monday, September 10th. ValuEngine downgraded Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, September 7th. TheStreet downgraded Sorrento Therapeutics from a “c-” rating to a “d+” rating in a report on Tuesday, July 24th. Finally, B. Riley assumed coverage on Sorrento Therapeutics in a report on Thursday, June 28th. They set a “buy” rating and a $14.25 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $21.08.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.53). The company had revenue of $3.91 million for the quarter, compared to analyst estimates of $3.28 million. Sorrento Therapeutics had a negative return on equity of 11.88% and a negative net margin of 15.76%. equities research analysts predict that Sorrento Therapeutics Inc will post -1.4 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in Sorrento Therapeutics by 429.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 312,419 shares of the biopharmaceutical company’s stock worth $2,250,000 after buying an additional 253,360 shares during the period. California Public Employees Retirement System lifted its stake in shares of Sorrento Therapeutics by 67.4% in the 2nd quarter. California Public Employees Retirement System now owns 61,587 shares of the biopharmaceutical company’s stock valued at $443,000 after purchasing an additional 24,787 shares during the period. MetLife Investment Advisors LLC acquired a new position in shares of Sorrento Therapeutics in the 2nd quarter valued at about $308,000. Metropolitan Life Insurance Co. NY acquired a new position in shares of Sorrento Therapeutics in the 2nd quarter valued at about $218,000. Finally, Vident Investment Advisory LLC acquired a new position in shares of Sorrento Therapeutics in the 2nd quarter valued at about $2,461,000. 24.85% of the stock is currently owned by hedge funds and other institutional investors.
About Sorrento Therapeutics (NASDAQ:SRNE)
Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.
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