Sorrento Therapeutics, Inc. (NASDAQ:SRNE) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 3,811,179 shares, an increase of 16.5% from the May 15th total of 3,271,719 shares. Based on an average daily trading volume, of 487,996 shares, the days-to-cover ratio is currently 7.8 days.
A number of research analysts have recently weighed in on SRNE shares. FBR & Co restated a “buy” rating on shares of Sorrento Therapeutics in a research report on Tuesday, April 4th. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Thursday. Finally, Rodman & Renshaw dropped their price target on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, May 22nd. Five analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has a consensus rating of “Buy” and an average price target of $15.80.
In other news, major shareholder Abg Management Ltd purchased 2,500,000 shares of the company’s stock in a transaction dated Thursday, April 13th. The stock was acquired at an average price of $2.00 per share, for a total transaction of $5,000,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Henry Ji purchased 100,000 shares of the company’s stock in a transaction dated Wednesday, April 19th. The stock was purchased at an average price of $2.00 per share, with a total value of $200,000.00. Following the transaction, the chief executive officer now owns 139,776 shares of the company’s stock, valued at $279,552. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 3,189,003 shares of company stock valued at $6,370,395. Company insiders own 7.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in SRNE. KCG Holdings Inc. purchased a new stake in shares of Sorrento Therapeutics during the first quarter valued at $108,000. Teachers Advisors LLC raised its stake in shares of Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock valued at $205,000 after buying an additional 4,099 shares during the period. FMR LLC purchased a new stake in shares of Sorrento Therapeutics during the first quarter valued at $430,000. Bank of America Corp DE raised its stake in shares of Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock valued at $601,000 after buying an additional 3,057 shares during the period. Finally, Vident Investment Advisory LLC raised 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. Institutional investors and hedge funds own 17.70% of the company’s stock.
Sorrento Therapeutics (NASDAQ:SRNE) opened at 2.00 on Friday. The stock’s market cap is $150.62 million. Sorrento Therapeutics has a 12 month low of $1.50 and a 12 month high of $8.35. The stock has a 50 day moving average price of $1.70 and a 200-day moving average price of $3.87.
COPYRIGHT VIOLATION WARNING: “Short Interest in Sorrento Therapeutics, Inc. (SRNE) Rises By 16.5%” was originally published by WKRB News and is owned by of WKRB News. If you are viewing this story on another site, it was stolen and reposted in violation of US and international copyright & trademark law. The legal version of this story can be accessed at https://www.wkrb13.com/markets/2231162/short-interest-in-sorrento-therapeutics-inc-srne-rises-by-16-5.html.
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.
This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2231162/short-interest-in-sorrento-therapeutics-inc-srne-rises-by-16-5.html
Receive News & Ratings for Sorrento Therapeutics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.