Avidian Wealth Solutions LLC cut its holdings in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 67.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,040 shares of the biopharmaceutical company’s stock after selling 387,460 shares during the period. Avidian Wealth Solutions LLC owned about 0.07% of Sorrento Therapeutics worth $1,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of SRNE. Patriot Financial Group Insurance Agency LLC lifted its position in Sorrento Therapeutics by 22.9% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 8,852 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 1,650 shares during the period. Lake Street Financial LLC purchased a new position in Sorrento Therapeutics in the fourth quarter valued at $90,000. Kestra Advisory Services LLC purchased a new position in Sorrento Therapeutics in the fourth quarter valued at $131,000. Pacer Advisors Inc. increased its holdings in Sorrento Therapeutics by 29.3% in the fourth quarter. Pacer Advisors Inc. now owns 17,210 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 3,904 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Sorrento Therapeutics in the fourth quarter valued at $30,000. Institutional investors own 27.43% of the company’s stock.
Shares of NASDAQ SRNE opened at $6.62 on Monday. Sorrento Therapeutics, Inc. has a 12-month low of $3.82 and a 12-month high of $19.39. The stock has a market cap of $1.90 billion, a PE ratio of -4.53 and a beta of 2.70. The company has a current ratio of 1.15, a quick ratio of 1.13 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average of $7.70 and a 200 day moving average of $8.81.
SRNE has been the subject of a number of recent analyst reports. Alliance Global Partners initiated coverage on shares of Sorrento Therapeutics in a report on Thursday, January 21st. They issued a “buy” rating and a $35.00 price objective for the company. B. Riley initiated coverage on shares of Sorrento Therapeutics in a research note on Friday, January 29th. They set a “buy” rating and a $26.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Sorrento Therapeutics presently has a consensus rating of “Buy” and an average target price of $24.80.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, 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; and Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system.
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