The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Sorrento Therapeutics Inc. shares valued at $13,999 were purchased by Ji Henry on Jun 14. At $1.40 per share, Ji Henry acquired 10,000 shares. The insider’s holdings grew to 2,065,807 shares worth approximately $5.58 million following the completion of this transaction.
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Also, Janda Kim sold 3,000 shares, netting a total of over 17,640 in proceeds. Following the sale of shares at $5.88 each, the insider now holds 3,000 shares.
Before that, Janda Kim had sold 42,357 shares from its account. In a trade valued at $339,720, the Director traded Sorrento Therapeutics Inc. shares for $8.02 each. Upon closing the transaction, the insider’s holdings decreased to 42,357 shares, worth approximately $8100.000000000001.
As published in their initiating research note from B. Riley Securities on January 29, 2021, Sorrento Therapeutics Inc. [SRNE] has been a Buy and the price target has been revised to $26. This represents a 89.62% premium over Thursday’s closing price. Analysts at Alliance Global Partners started covering the stock with ‘”a Buy”‘ outlook in a report released in late January. As of July 31, 2020, H.C. Wainwright has reiterated its “Buy” rating for SRNE. Earlier on May 26, 2020, Dawson James initiated its rating. Their recommendation was “a Buy” for SRNE stock.
Analyzing SRNE’s Price Performance
On Thursday, Sorrento Therapeutics Inc. [NASDAQ: SRNE] rose 1.12% to $2.70. The stock’s lowest price that day was $2.64, but it reached a high of $2.78 in the same session. During the last five days, there has been a surge of approximately 3.05%. Over the course of the year, Sorrento Therapeutics Inc. shares have dropped approximately -41.94%. Shares of the company reached a 52-week high of $4.99 on 01/04/22 and a 52-week low of $1.15 on 05/12/22. A 50-day SMA is recorded $2.16, while a 200-day SMA reached $3.41. Nevertheless, trading volume fell to 8.48 million shares from 8.16 million shares the previous day.
Support And Resistance Levels for Sorrento Therapeutics Inc. (SRNE)
According to the 24-hour chart, there is a support level at 2.63, which, if violated, would cause prices to drop to 2.57. In the upper region, resistance lies at 2.77. The next price resistance is at 2.85. RSI (Relative Strength Index) is 58.23 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.02, which suggests the price will decrease in the coming days. Percent R is at 52.00%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Sorrento Therapeutics Inc. subject to short interest?
Stocks of Sorrento Therapeutics Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 5.01 million shares to 56.97 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 51.96 million shares. A jump of 8.79% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.15 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.15.
Which companies own the most shares of Sorrento Therapeutics Inc. (SRNE)?
According to SSgA Funds Management, Inc. filings, the company currently owns 39,661,099 shares, which is about 10.20% of the total SRNE shares outstanding. The investor’s shares have appreciated by 5,700,215 from its previous 13-F filing of 33960884.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $36,837,220. The Vanguard Group, Inc. acquire a 1.72% interest valued at $30.47 million while D. E. Shaw & Co. LP purchased a 4,794,841 stake. A total of -314,823 shares of Sorrento Therapeutics Inc. were bought by Geode Capital Management LLC during the quarter, and -309,910 were sold by JPMorgan Asset Management. In its current portfolio, Morgan Stanley & Co. LLC holds 2,976,716 shares valued at $5.98 million.
In terms of Sorrento Therapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $16.00 in the next 12 months, up nearly 499.25% from the previous closing price of $2.67. Analysts anticipate Sorrento Therapeutics Inc. stock to reach $16.00 by 2022, with the lowest price target being $16.00. In spite of this, 1 analysts ranked Sorrento Therapeutics Inc. stock as a Buy at the end of 2022. On October 07, 2019, JMP Securities assigned a price target of “a Mkt outperform” to the stock and initiated coverage with a $21.