Sorrento Therapeutics, Inc. (NASDAQ:SRNE – Get Rating) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.51, but opened at $1.61. Sorrento Therapeutics shares last traded at $1.59, with a volume of 35,558 shares.

Sorrento Therapeutics Stock Performance

The business has a fifty day moving average of $2.25 and a 200-day moving average of $2.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.21 and a current ratio of 1.35.

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Insider Buying and Selling

In related news, insider Henry Ji acquired 22,222 shares of the company's stock in a transaction that occurred on Thursday, August 25th. The shares were acquired at an average price of $2.06 per share, with a total value of $45,777.32. Following the acquisition, the insider now owns 2,088,029 shares of the company's stock, valued at approximately $4,301,339.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.30% of the stock is currently owned by insiders.

Institutional Trading of Sorrento Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Management Inc. purchased a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at about $11,363,000. Verition Fund Management LLC purchased a new stake in shares of Sorrento Therapeutics in the 2nd quarter valued at about $44,000. Legal & General Group Plc raised its holdings in shares of Sorrento Therapeutics by 28.7% in the 2nd quarter. Legal & General Group Plc now owns 345,981 shares of the biopharmaceutical company's stock valued at $696,000 after acquiring an additional 77,177 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Sorrento Therapeutics by 23.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,939,979 shares of the biopharmaceutical company's stock valued at $3,900,000 after acquiring an additional 362,913 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Sorrento Therapeutics by 8.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 141,561 shares of the biopharmaceutical company's stock valued at $285,000 after acquiring an additional 10,846 shares in the last quarter. Hedge funds and other institutional investors own 33.61% of the company's stock.

Sorrento Therapeutics Company Profile

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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 therapeutic 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 conjugate, as well as bispecific antibody approach; and Sofusa, a drug delivery technology that deliver biologic directly into the lymphatic system.

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