Sorrento Therapeutics, Inc. (NASDAQ:SRNE) shares rose 16.7% during mid-day trading on Monday . The stock traded as high as $2.25 and last traded at $2.10. Approximately 3,200,378 shares were traded during mid-day trading, an increase of 491% from the average daily volume of 541,320 shares. The stock had previously closed at $1.80.

SRNE has been the subject of several research analyst reports. HC Wainwright set a $20.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, June 27th. Oppenheimer Holdings, Inc. set a $7.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, August 29th. UBS AG initiated coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued an “outperform” rating and a $7.00 price objective for the company. Roth Capital initiated coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 price objective for the company. Finally, FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. Six analysts have rated the stock with a buy rating, Sorrento Therapeutics presently has an average rating of “Buy” and an average price target of $11.67.

The stock’s market capitalization is $144.84 million. The firm’s 50-day moving average price is $1.76 and its 200 day moving average price is $2.03.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Sorrento Therapeutics by 25.3% during the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after purchasing an additional 389,258 shares during the period. Intellectus Partners LLC raised its position in shares of Sorrento Therapeutics by 44.7% during the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock worth $3,172,000 after purchasing an additional 490,000 shares during the period. Geode Capital Management LLC raised its position in shares of Sorrento Therapeutics by 3.8% during the first quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock worth $1,449,000 after purchasing an additional 13,495 shares during the period. Virtu KCG Holdings LLC raised its position in shares of Sorrento Therapeutics by 497.7% during the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock worth $328,000 after purchasing an additional 136,506 shares during the period. Finally, Susquehanna International Group LLP acquired a new stake in shares of Sorrento Therapeutics during the second quarter worth $306,000. 16.31% of the stock is currently owned by institutional investors.

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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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