Wells Fargo & Company MN Has $362,000 Position in Sorrento Therapeutics, Inc. (SRNE)
Wells Fargo & Company MN decreased its position in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 26.9% during the first quarter, Holdings Channel reports. The fund owned 91,593 shares of the biopharmaceutical company’s stock after selling 33,668 shares during the period. Wells Fargo & Company MN’s holdings in Sorrento Therapeutics were worth $362,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of SRNE. Teachers Advisors LLC raised its stake in Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares during the last quarter. Vident Investment Advisory LLC bought a new stake in Sorrento Therapeutics during the fourth quarter worth approximately $696,000. Finally, State Street Corp raised its stake in Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock worth $2,519,000 after buying an additional 29,076 shares during the last quarter. 17.37% of the stock is currently owned by institutional investors and hedge funds.
Sorrento Therapeutics, Inc. (NASDAQ SRNE) opened at 2.00 on Monday. The stock has a 50 day moving average price of $1.73 and a 200-day moving average price of $3.65. Sorrento Therapeutics, Inc. has a 12-month low of $1.50 and a 12-month high of $8.35. The stock’s market capitalization is $150.62 million.
A number of research firms recently commented on SRNE. HC Wainwright set a $20.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, July 4th. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. Finally, Rodman & Renshaw reduced their target price on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. Five equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $16.00.
In related news, major shareholder Abg Management Ltd purchased 550,000 shares of Sorrento Therapeutics stock in a transaction on Wednesday, April 19th. The stock was bought at an average price of $2.00 per share, with a total value of $1,100,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Henry Ji purchased 29,001 shares of Sorrento Therapeutics stock in a transaction on Thursday, June 15th. The stock was bought at an average cost of $1.81 per share, with a total value of $52,491.81. Following the transaction, the insider now directly owns 139,776 shares of the company’s stock, valued at $252,994.56. The disclosure for this purchase can be found here. Insiders acquired 689,003 shares of company stock worth $1,370,395 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.
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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