UBS Group AG increased its stake in shares of Sorrento Therapeutics, Inc. (NASDAQ:SRNE - Get Rating) by 916.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,383,825 shares of the biopharmaceutical company's stock after acquiring an additional 2,149,187 shares during the period. UBS Group AG owned 0.51% of Sorrento Therapeutics worth $2,122,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in SRNE. Raymond James Financial Services Advisors Inc. grew its stake in Sorrento Therapeutics by 8.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 161,195 shares of the biopharmaceutical company's stock valued at $376,000 after buying an additional 12,264 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Sorrento Therapeutics by 2.8% in the 1st quarter. Bank of New York Mellon Corp now owns 985,502 shares of the biopharmaceutical company's stock valued at $2,297,000 after buying an additional 27,241 shares during the last quarter. US Bancorp DE grew its holdings in Sorrento Therapeutics by 31.2% in the 1st quarter. US Bancorp DE now owns 41,810 shares of the biopharmaceutical company's stock valued at $97,000 after buying an additional 9,941 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Sorrento Therapeutics by 37.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 87,402 shares of the biopharmaceutical company's stock valued at $204,000 after buying an additional 23,706 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Sorrento Therapeutics by 12.8% in the 1st quarter. MetLife Investment Management LLC now owns 117,951 shares of the biopharmaceutical company's stock valued at $275,000 after buying an additional 13,416 shares during the last quarter. Institutional investors and hedge funds own 34.48% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on SRNE. StockNews.com started coverage on Sorrento Therapeutics in a report on Tuesday. They issued a "hold" rating on the stock. Dawson James lowered shares of Sorrento Therapeutics from a "buy" rating to a "neutral" rating in a research report on Monday, February 13th.
Sorrento Therapeutics Stock Performance
Shares of SRNE stock opened at $0.30 on Tuesday. The stock's fifty day simple moving average is $0.31 and its 200 day simple moving average is $0.64. The company has a quick ratio of 0.79, a current ratio of 0.88 and a debt-to-equity ratio of 0.14. Sorrento Therapeutics, Inc. has a one year low of $0.16 and a one year high of $3.09.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to email@example.com.
Before you consider Sorrento Therapeutics, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Sorrento Therapeutics wasn't on the list.
While Sorrento Therapeutics currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.Get This Free Report