Shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) fell 5.4% during trading on Tuesday . The company traded as low as $1.75 and last traded at $1.75. 686,515 shares were traded during mid-day trading, a decline of 5% from the average session volume of 723,255 shares. The stock had previously closed at $1.85.

A number of brokerages recently commented on SRNE. Oppenheimer Holdings, Inc. set a $7.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Thursday, August 10th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of Sorrento Therapeutics in a research report on Monday. Roth Capital began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 price objective for the company. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. Finally, UBS AG began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued an “outperform” rating and a $7.00 price objective for the company. Six analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $11.67.

The company’s market capitalization is $120.70 million. The stock has a 50-day moving average of $1.78 and a 200-day moving average of $2.26.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after buying an additional 389,258 shares during the period. Intellectus Partners LLC increased its stake in shares of Sorrento Therapeutics by 44.7% in the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock valued at $3,172,000 after buying an additional 490,000 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 period. Vident Investment Advisory LLC increased its stake in shares of 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 period. Finally, Virtu KCG Holdings LLC increased its stake in shares of Sorrento Therapeutics by 497.7% in the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock valued at $328,000 after buying an additional 136,506 shares during the period. 16.31% of the stock is owned by institutional investors.

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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.

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