15,100 Shares in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Purchased by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC bought a new position in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 15,100 shares of the biopharmaceutical company’s stock, valued at approximately $168,000.

A number of other institutional investors have also modified their holdings of SRNE. Vanguard Group Inc. grew its holdings in Sorrento Therapeutics by 48.7% during the 2nd quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company’s stock worth $61,344,000 after acquiring an additional 3,200,338 shares in the last quarter. BlackRock Inc. grew its holdings in Sorrento Therapeutics by 19.8% during the 3rd quarter. BlackRock Inc. now owns 15,016,558 shares of the biopharmaceutical company’s stock worth $167,434,000 after acquiring an additional 2,477,505 shares in the last quarter. Cormorant Asset Management LP grew its holdings in Sorrento Therapeutics by 30.0% during the 2nd quarter. Cormorant Asset Management LP now owns 6,500,000 shares of the biopharmaceutical company’s stock worth $40,820,000 after acquiring an additional 1,500,000 shares in the last quarter. Coatue Management LLC bought a new position in Sorrento Therapeutics during the 2nd quarter worth about $8,478,000. Finally, Cubist Systematic Strategies LLC bought a new position in Sorrento Therapeutics during the 2nd quarter worth about $2,038,000. Institutional investors own 24.09% of the company’s stock.

Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Saturday, August 29th. ValuEngine cut shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Monday, November 2nd. BidaskClub cut shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, November 10th. Finally, HC Wainwright raised their price target on shares of Sorrento Therapeutics from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, July 31st. Two investment analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. Sorrento Therapeutics currently has an average rating of “Hold” and a consensus price target of $21.00.

NASDAQ:SRNE opened at $7.56 on Friday. Sorrento Therapeutics, Inc. has a fifty-two week low of $1.53 and a fifty-two week high of $19.39. The stock has a market capitalization of $1.99 billion, a P/E ratio of -4.64 and a beta of 2.61. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.58 and a current ratio of 0.60. The company’s 50-day simple moving average is $8.42 and its 200-day simple moving average is $7.62.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc, a clinical stage biopharma company, develops therapies for cancer, autoimmune, inflammatory, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutics by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugates, as well as bispecific antibody approaches.

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Institutional Ownership by Quarter for Sorrento Therapeutics (NASDAQ:SRNE)

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