Sorrento Therapeutics Inc (SRNE) Shares Gap Up on Insider Buying Activity

Sorrento Therapeutics Inc (NASDAQ:SRNE)’s share price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $1.50, but opened at $1.60. Sorrento Therapeutics shares last traded at $1.65, with a volume of 2,134,945 shares.

Specifically, major shareholder Abg Management Ltd bought 2,500,000 shares of the business’s stock in a transaction dated Thursday, April 13th. The stock was acquired at an average cost of $2.00 per share, with a total value of $5,000,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Henry Ji bought 100,000 shares of the business’s stock in a transaction dated Wednesday, April 19th. The shares were acquired at an average cost of $2.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the chief executive officer now owns 139,776 shares in the company, valued at approximately $279,552. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 3,152,000 shares of company stock valued at $6,311,200. 7.60% of the stock is owned by company insiders.

Separately, FBR & Co reaffirmed a “buy” rating on shares of Sorrento Therapeutics in a research note on Tuesday, April 4th.

The company’s market cap is $116.73 million. The company’s 50 day moving average price is $2.24 and its 200 day moving average price is $4.47.

Large investors have recently modified their holdings of the company. KCG Holdings Inc. bought a new stake in shares of Sorrento Therapeutics during the first quarter worth approximately $108,000. Teachers Advisors LLC raised its stake in shares of Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares during the last quarter. FMR LLC bought a new stake in shares of Sorrento Therapeutics during the first quarter worth approximately $430,000. Bank of America Corp DE raised its stake in shares of Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock worth $601,000 after buying an additional 3,057 shares during the last quarter. Finally, Vident Investment Advisory LLC raised its stake in shares of Sorrento Therapeutics by 20.0% in the first quarter. Vident Investment Advisory LLC now owns 170,534 shares of the biopharmaceutical company’s stock worth $674,000 after buying an additional 28,420 shares during the last quarter. Institutional investors and hedge funds own 25.47% of the company’s stock.

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Sorrento Therapeutics Company Profile

Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.

5 Day Chart for NASDAQ:SRNE

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