On Monday, the price of Sorrento stock (NASDAQ:SRNE) fell 5.3%. The stock dropped as low as $1.76 before closing at $1.77. During midday trading, 98,281 shares changed hands, representing a 99% decrease from the average session volume of 9,258,171 shares. SNRE stock(NASDAQ:SRNE) had previously closed at $1.87.
Sorrento Stock Performance
Currently, the company has a 50-day moving average of $2.33 and a 200-day moving average of $2.07. The quick ratio is 1.21, the current ratio is 1.35, and the debt-to-equity ratio is 0.61.
Sorrento Therapeutics Insider Trading
On Thursday, August 25th, insider Henry Ji acquired 22,222 shares of SNRE stock (NASDAQ:SRNE). The shares were acquired for $45,777.32 at an average cost of $2.06 per share. Following the transaction, the insider now owns 2,088,029 shares of SNRE stock (NASDAQ:SRNE) worth $4,301,339.74. The transaction was reported in a filing with the Securities and Exchange Commission. Corporate insiders now hold 3.30% of the stock.
Inflows and Outflows of Institutional Funds
SNRE stock (NASDAQ:SRNE) has lately been purchased and sold by several hedge funds and other institutional investors. In the first quarter, Goelzer Investment Management Inc. purchased a new investment in Sorrento Therapeutic for about $28,000. Stratos Wealth Partners LTD. bought a new stake in Sorrento Therapeutics for about $30,000 in the first quarter. Telemus Capital LLC purchased a new investment in Sorrento Therapeutics in the first quarter for about $31,000. In the second quarter, B. Riley Wealth Management Inc. purchased a new investment in Sorrento Therapeutics for about $11,363,000. Finally, in the second quarter, Corient Capital Partners LLC purchased a new position in Sorrento Therapeutics for about $30,000. Hedge funds and other institutional investors hold 33.61% of SNRE stock in total.
Sorrento Therapeutics Information:
Sorrento Therapeutics, Inc. is a clinical and commercial biopharmaceutical business that discovers treatments for cancer, autoimmune, inflammatory, viral, and neurological illnesses. It works in two divisions: Sorrento Therapeutics and Scilex. The company offers cancer therapies by leveraging its proprietary G-MAB antibody library and targeted delivery modalities.
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Author Okoro Chinedu 
