Sorrento Therapeutics Inc (SRNE) Major Shareholder Abg Management Ltd Sells 297,568 Shares

Sorrento Therapeutics Inc (NASDAQ:SRNE) major shareholder Abg Management Ltd sold 297,568 shares of the stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $5.02, for a total transaction of $1,493,791.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Shares of SRNE stock traded up $0.02 during trading hours on Monday, hitting $3.98. 1,311,900 shares of the company’s stock traded hands, compared to its average volume of 2,516,370. The company has a market capitalization of $513.62 million, a P/E ratio of 31.00 and a beta of 2.20. Sorrento Therapeutics Inc has a 12 month low of $1.81 and a 12 month high of $10.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.39 and a current ratio of 1.39.

Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.73) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.53). The business had revenue of $3.91 million for the quarter, compared to the consensus estimate of $3.28 million. Sorrento Therapeutics had a negative net margin of 15.76% and a negative return on equity of 11.88%. As a group, sell-side analysts forecast that Sorrento Therapeutics Inc will post -1.4 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp raised its stake in shares of Sorrento Therapeutics by 542.9% during the second quarter. Northern Trust Corp now owns 1,003,650 shares of the biopharmaceutical company’s stock valued at $7,226,000 after acquiring an additional 847,548 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Sorrento Therapeutics by 429.0% during the second quarter. Bank of New York Mellon Corp now owns 312,419 shares of the biopharmaceutical company’s stock worth $2,250,000 after buying an additional 253,360 shares during the last quarter. California Public Employees Retirement System raised its stake in Sorrento Therapeutics by 67.4% during the second quarter. California Public Employees Retirement System now owns 61,587 shares of the biopharmaceutical company’s stock worth $443,000 after buying an additional 24,787 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Sorrento Therapeutics during the second quarter worth $308,000. Finally, Metropolitan Life Insurance Co. NY bought a new position in Sorrento Therapeutics during the second quarter worth $218,000. 24.88% of the stock is owned by hedge funds and other institutional investors.

SRNE has been the topic of a number of research analyst reports. BidaskClub lowered shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Friday, August 17th. HC Wainwright set a $40.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Monday, September 10th. ValuEngine downgraded shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. Finally, TheStreet downgraded shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.08.

About Sorrento Therapeutics

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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