Sorrento Therapeutics (SRNE) Shares Gap Down After Insider Selling
Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $7.30, but opened at $7.05. Sorrento Therapeutics shares last traded at $7.15, with a volume of 1044979 shares.
Specifically, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Abg Management Ltd sold 310,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $7.64, for a total value of $2,368,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,065,009 shares of company stock valued at $8,107,385. 5.00% of the stock is owned by corporate insiders.
Several research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Sorrento Therapeutics in a research note on Thursday, February 1st. Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Wednesday, November 15th. ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Finally, BidaskClub raised Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Sorrento Therapeutics currently has an average rating of “Buy” and an average price target of $13.67.
Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Sorrento Therapeutics by 408.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after acquiring an additional 41,683 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Sorrento Therapeutics by 139.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 44,294 shares during the last quarter. Alambic Investment Management L.P. acquired a new stake in shares of Sorrento Therapeutics in the 4th quarter worth $151,000. Acadian Asset Management LLC acquired a new stake in shares of Sorrento Therapeutics in the 4th quarter worth $200,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Sorrento Therapeutics in the 2nd quarter worth $306,000. 11.93% of the stock is owned by institutional investors and hedge funds.
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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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