Sorrento Therapeutics Inc (NASDAQ:SRNE) traded down 5.6% on Wednesday . The stock traded as low as $2.20 and last traded at $2.20. 873,756 shares were traded during mid-day trading, an increase of 5% from the average session volume of 830,961 shares. The stock had previously closed at $2.33.

Several equities research analysts have recently weighed in on the company. Oppenheimer set a $7.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Tuesday, August 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Sorrento Therapeutics in a research report on Monday, September 18th. Six analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $11.50.

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.54 and a quick ratio of 0.54.

Hedge funds have recently modified their holdings of the stock. KCG Holdings Inc. bought a new position in Sorrento Therapeutics in the first quarter worth $108,000. Intellectus Partners LLC lifted its position in Sorrento Therapeutics by 44.7% in 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. Vanguard Group Inc. lifted its position in Sorrento Therapeutics by 25.3% in 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. Susquehanna International Group LLP bought a new position in Sorrento Therapeutics in the second quarter worth $306,000. Finally, Virtu KCG Holdings LLC lifted its position in Sorrento Therapeutics by 497.7% in 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. 12.63% of the stock is owned by hedge funds and other institutional investors.

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About Sorrento Therapeutics

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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