MYDA Advisors LLC purchased a new stake in Sorrento Therapeutics Inc (NASDAQ:SRNE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 30,000 shares of the biopharmaceutical company’s stock, valued at approximately $114,000.
Several other hedge funds have also recently made changes to their positions in the company. Monashee Investment Management LLC bought a new stake in Sorrento Therapeutics in the 4th quarter valued at $119,000. Alambic Investment Management L.P. bought a new stake in Sorrento Therapeutics during the 4th quarter worth about $151,000. Dimensional Fund Advisors LP lifted its position in Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 41,683 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Sorrento Therapeutics during the 4th quarter worth about $200,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Sorrento Therapeutics by 62.8% in the 4th quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 21,064 shares during the period. 12.24% of the stock is owned by institutional investors.
Sorrento Therapeutics Inc (NASDAQ:SRNE) traded up $0.05 during mid-day trading on Wednesday, hitting $7.70. 1,880,000 shares of the stock traded hands, compared to its average volume of 3,610,000. Sorrento Therapeutics Inc has a 12-month low of $1.50 and a 12-month high of $10.65. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $610.78, a P/E ratio of -8.65 and a beta of 1.53.
In other Sorrento Therapeutics news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total value of $5,173,217.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Abg Management Ltd sold 70,721 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $8.00, for a total transaction of $565,768.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is currently owned by corporate insiders.
A number of brokerages have recently issued reports on SRNE. BidaskClub raised shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 17th. HC Wainwright upped their price target on shares of Sorrento Therapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Oppenheimer restated a “buy” rating and set a $9.00 target price on shares of Sorrento Therapeutics in a research report on Friday, January 19th. Finally, ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $15.00.
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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