Kovitz Investment Group Partners LLC Takes Position in Sorrento Therapeutics, Inc. (NASDAQ:SRNE)

Kovitz Investment Group Partners LLC purchased a new stake in Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,100 shares of the biopharmaceutical company’s stock, valued at approximately $103,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Arizona State Retirement System grew its position in Sorrento Therapeutics by 2.7% during the 3rd quarter. Arizona State Retirement System now owns 74,376 shares of the biopharmaceutical company’s stock worth $567,000 after acquiring an additional 1,986 shares during the last quarter. AE Wealth Management LLC grew its position in Sorrento Therapeutics by 17.0% during the 3rd quarter. AE Wealth Management LLC now owns 14,661 shares of the biopharmaceutical company’s stock worth $112,000 after acquiring an additional 2,126 shares during the last quarter. Wedbush Securities Inc. grew its position in Sorrento Therapeutics by 16.1% during the 4th quarter. Wedbush Securities Inc. now owns 18,000 shares of the biopharmaceutical company’s stock worth $84,000 after acquiring an additional 2,500 shares during the last quarter. InterOcean Capital Group LLC grew its position in Sorrento Therapeutics by 27.3% during the 3rd quarter. InterOcean Capital Group LLC now owns 14,000 shares of the biopharmaceutical company’s stock worth $107,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Laidlaw Wealth Management LLC grew its position in Sorrento Therapeutics by 18.5% during the 3rd quarter. Laidlaw Wealth Management LLC now owns 19,180 shares of the biopharmaceutical company’s stock worth $146,000 after acquiring an additional 3,000 shares during the last quarter. Institutional investors own 28.05% of the company’s stock.

A number of equities research analysts recently weighed in on the company. StockNews.com assumed coverage on Sorrento Therapeutics in a research report on Thursday, March 31st. They set a “sell” rating on the stock. HC Wainwright reduced their price target on Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, March 25th. Finally, Zacks Investment Research lowered Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, March 30th.

Shares of NASDAQ SRNE traded up $0.08 during trading on Tuesday, reaching $1.85. The company had a trading volume of 147,670 shares, compared to its average volume of 8,320,115. The company’s fifty day moving average price is $2.44 and its 200-day moving average price is $4.44. Sorrento Therapeutics, Inc. has a 12 month low of $1.77 and a 12 month high of $11.07. The stock has a market cap of $631.61 million, a P/E ratio of -1.49 and a beta of 2.31. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 1.42.

About Sorrento Therapeutics (Get Rating)

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

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