Sorrento Therapeutics Inc (NASDAQ:SRNE) shares shot up 6.6% during trading on Tuesday . The company traded as high as $8.10 and last traded at $8.05. 3,574,121 shares traded hands during trading, an increase of 1% from the average session volume of 3,534,350 shares. The stock had previously closed at $7.55.

A number of research firms have recently commented on SRNE. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Sorrento Therapeutics in a research note on Thursday, February 1st. BidaskClub raised shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 17th. ValuEngine raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, Oppenheimer reissued a “buy” rating and set a $9.00 target price on shares of Sorrento Therapeutics in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $15.00.

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The company has a market capitalization of $703.84, a PE ratio of -15.88 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.38 and a quick ratio of 0.54.

In other Sorrento Therapeutics news, insider George K. Ng bought 90,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average price of $9.95 per share, with a total value of $895,500.00. Following the transaction, the insider now owns 1,906,177 shares in the company, valued at $18,966,461.15. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Abg Management Ltd sold 150,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $7.19, for a total transaction of $1,078,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,215,009 shares of company stock valued at $9,185,885. Corporate insiders own 5.00% of the company’s stock.

A number of large investors have recently modified their holdings of SRNE. Millennium Management LLC grew its position in Sorrento Therapeutics by 127.3% in the fourth quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock valued at $4,773,000 after acquiring an additional 703,505 shares in the last quarter. Vanguard Group Inc. grew its position in 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 acquiring an additional 389,258 shares in the last quarter. BlackRock Inc. grew its position in Sorrento Therapeutics by 45.0% in the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after acquiring an additional 300,518 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Sorrento Therapeutics in the fourth quarter valued at approximately $200,000. Finally, JPMorgan Chase & Co. grew its position in Sorrento Therapeutics by 139.0% in the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares in the last quarter. 12.24% of the stock is owned by institutional investors.

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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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