Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Sorrento Therapeutics Inc. shares valued at $179,349 were purchased by Ji Henry on Sep 07. At $2.02 per share, Ji Henry acquired 88,888 shares. The insider’s holdings grew to 4,765,805 shares worth approximately $1.48 million following the completion of this transaction.
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Also, Ji Henry purchased 55,555 shares, netting a total of over 108,882 in proceeds. Following the buying of shares at $1.96 each, the insider now holds 4,676,917 shares.
Before that, Ji Henry had added 33,333 shares to its account. In a trade valued at $70,333, the insider bought Sorrento Therapeutics Inc. shares for $2.11 each. Upon closing the transaction, the insider’s holdings increased to 33,333 shares, worth approximately $0.66 million.
As published in their initiating research note from Cantor Fitzgerald on November 02, 2022, Sorrento Therapeutics Inc. [SRNE] has been an Overweight and the price target has been revised to $5. This represents a 93.8% premium over Wednesday’s closing price. Analysts at B. Riley Securities started covering the stock with ‘”a Buy”‘ outlook in a report released in late January. As of January 21, 2021, Alliance Global Partners has initiated its “Buy” rating for SRNE. Earlier on July 31, 2020, H.C. Wainwright resumed its rating. Their recommendation was “a Buy” for SRNE stock.
Analyzing SRNE Stock Performance
On Wednesday, Sorrento Therapeutics Inc. [NASDAQ: SRNE] plunged -20.26% to $0.31. The stock’s lowest price that day was $0.258, but it reached a high of $0.4735 in the same session. During the last five days, there has been a surge of approximately 55.59%. Over the course of the year, Sorrento Therapeutics Inc. shares have dropped approximately -14.08%. Shares of the company reached a 52-week high of $1.2300 on 01/18/23 and a 52-week low of $0.1610 on 02/15/23. A 50-day SMA is recorded $0.9069, while a 200-day SMA reached $1.6148. Nevertheless, trading volume fell to 175.18 million shares from 193.11 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 0.2190, which, if violated, would cause prices to drop to 0.1308. In the upper region, resistance lies at 0.4345. The next price resistance is at 0.5618. RSI (Relative Strength Index) is 32.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.2992, which suggests the price will decrease in the coming days. Percent R is at 84.08%, indicating bearish price movement. Stochastics %K at buying 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 Jan 30, 2023 jumping by 3.12 million shares to 64.56 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 61.44 million shares. A jump of 4.83% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.96 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.96.
Which companies own the most shares of Sorrento Therapeutics Inc. (SRNE)?
According to SSgA Funds Management, Inc. filings, the company currently owns 50,637,571 shares, which is about 10.73% of the total SRNE shares outstanding. The investor’s shares have appreciated by 9,968,295 from its previous 13-F filing of 40669276.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $30,161,143. The Vanguard Group, Inc. acquire a 31.74% interest valued at $27.55 million while Geode Capital Management LLC purchased a 1,797,652 stake. A total of 5,216,250 shares of Sorrento Therapeutics Inc. were bought by B. Riley Capital Management LLC during the quarter, and 49,109 were bought by D. E. Shaw & Co. LP. In its current portfolio, Rafferty Asset Management LLC holds 4,394,415 shares valued at $4.21 million.
In terms of Sorrento Therapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $7.67 in the next 12 months, up nearly 1182.05% from the previous closing price of $0.39. Analysts anticipate Sorrento Therapeutics Inc. stock to reach $13.00 by 2023, with the lowest price target being $5.00. In spite of this, 3 analysts ranked Sorrento Therapeutics Inc. stock as an Overweight at the end of 2023. On May 26, 2020, Dawson James assigned a price target of “a Buy” to the stock and initiated coverage with a $24.