Deutsche Bank AG trimmed its holdings in shares of Sorrento Therapeutics (NASDAQ:SRNE) by 71.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,621 shares of the biopharmaceutical company’s stock after selling 257,320 shares during the period. Deutsche Bank AG owned approximately 0.12% of Sorrento Therapeutics worth $382,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Sorrento Therapeutics by 62.8% in the fourth 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 in the last quarter. MYDA Advisors LLC purchased a new position in Sorrento Therapeutics in the fourth quarter valued at about $114,000. Monashee Investment Management LLC purchased a new position in Sorrento Therapeutics in the fourth quarter valued at about $119,000. Alambic Investment Management L.P. purchased a new position in Sorrento Therapeutics in the fourth quarter valued at about $151,000. Finally, JPMorgan Chase & Co. grew its stake 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 purchasing an additional 44,294 shares in the last quarter. 12.19% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have commented on SRNE shares. BidaskClub upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, March 14th. HC Wainwright set a $38.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, March 6th. Finally, Oppenheimer restated a “buy” rating and issued a $9.00 target price on shares of Sorrento Therapeutics in a research note on Friday, January 19th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Sorrento Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $15.33.
In related news, insider George K. Ng purchased 90,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was bought at an average price of $9.95 per share, for a total transaction of $895,500.00. Following the purchase, the insider now owns 1,906,177 shares in the company, valued at approximately $18,966,461.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.
Shares of NASDAQ SRNE opened at $7.20 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.71 and a quick ratio of 0.71. Sorrento Therapeutics has a one year low of $7.35 and a one year high of $7.65.
Sorrento Therapeutics Profile
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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