Sorrento Therapeutics, Inc. (NASDAQ:SRNE – Get Rating)'s share price traded down 9.5% on Thursday . The company traded as low as $1.53 and last traded at $1.53. 85,416 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 7,711,165 shares. The stock had previously closed at $1.69.
Sorrento Therapeutics Stock Down 6.5 %
The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.61. The business's fifty day simple moving average is $2.21 and its two-hundred day simple moving average is $2.05.
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Insider Buying and Selling at Sorrento Therapeutics
In related news, insider Henry Ji purchased 22,222 shares of Sorrento Therapeutics stock in a transaction on Thursday, August 25th. The stock was purchased at an average cost of $2.06 per share, with a total value of $45,777.32. Following the acquisition, the insider now directly owns 2,088,029 shares in the company, valued at $4,301,339.74. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.30% of the company's stock.
Hedge Funds Weigh In On Sorrento Therapeutics
A number of hedge funds and other institutional investors have recently made changes to their positions in SRNE. BNP Paribas Arbitrage SA lifted its holdings in shares of Sorrento Therapeutics by 27.5% during the 4th quarter. BNP Paribas Arbitrage SA now owns 64,093 shares of the biopharmaceutical company's stock worth $298,000 after acquiring an additional 13,817 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Sorrento Therapeutics by 26.9% during the 4th quarter. Teacher Retirement System of Texas now owns 54,438 shares of the biopharmaceutical company's stock worth $253,000 after acquiring an additional 11,530 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Sorrento Therapeutics during the 4th quarter worth about $115,000. JPMorgan Chase & Co. lifted its holdings in shares of Sorrento Therapeutics by 21.8% during the 4th quarter. JPMorgan Chase & Co. now owns 3,574,317 shares of the biopharmaceutical company's stock worth $16,621,000 after acquiring an additional 639,306 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Sorrento Therapeutics by 1.9% during the 4th quarter. Rhumbline Advisers now owns 304,405 shares of the biopharmaceutical company's stock worth $1,415,000 after acquiring an additional 5,653 shares during the period. 33.61% of the stock is owned by institutional investors.
About Sorrento Therapeutics
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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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