Acadian Asset Management LLC Trims Holdings in Sorrento Therapeutics Inc (SRNE)

Acadian Asset Management LLC lowered its position in Sorrento Therapeutics Inc (NASDAQ:SRNE) by 74.9% in the second quarter, HoldingsChannel.com reports. The fund owned 29,895 shares of the biopharmaceutical company’s stock after selling 89,129 shares during the period. Acadian Asset Management LLC’s holdings in Sorrento Therapeutics were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Verition Fund Management LLC bought a new stake in shares of Sorrento Therapeutics in the 1st quarter worth approximately $122,000. Bank of New York Mellon Corp lifted its position in shares of Sorrento Therapeutics by 62.8% during the 4th quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock worth $207,000 after buying an additional 21,064 shares during the period. First Republic Investment Management Inc. lifted its position in shares of Sorrento Therapeutics by 379.6% during the 1st quarter. First Republic Investment Management Inc. now owns 62,350 shares of the biopharmaceutical company’s stock worth $321,000 after buying an additional 49,350 shares during the period. Element Capital Management LLC bought a new position in shares of Sorrento Therapeutics during the 1st quarter worth approximately $354,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Sorrento Therapeutics during the 1st quarter worth approximately $659,000. Institutional investors own 20.44% of the company’s stock.

Sorrento Therapeutics stock opened at $5.30 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.06. Sorrento Therapeutics Inc has a one year low of $1.50 and a one year high of $10.65.

Several research firms recently commented on SRNE. TheStreet downgraded Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research report on Tuesday, July 24th. BidaskClub upgraded Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 26th. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. HC Wainwright set a $40.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Monday, May 14th. Finally, B. Riley began coverage on Sorrento Therapeutics in a research report on Thursday, June 28th. They set a “buy” rating and a $14.25 target price for the company. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Sorrento Therapeutics has an average rating of “Buy” and an average target price of $21.08.

About Sorrento Therapeutics

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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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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