A Director at Sorrento Therapeutics (NASDAQ: SRNE) is Buying Shares

By Carrie Williams

Yesterday, a Director at Sorrento Therapeutics (NASDAQ: SRNE), Henry Ji, bought shares of SRNE for $642.8K.

Following Henry Ji’s last SRNE Buy transaction on June 15, 2017, the stock climbed by 8.1%. In addition to Henry Ji, 3 other SRNE executives reported Buy trades in the last month.

Based on Sorrento Therapeutics’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $122 million and quarterly net profit of $33.96 million. In comparison, last year the company earned revenue of $4.02 million and had a GAAP net loss of $11.96 million. The company has a one-year high of $10.05 and a one-year low of $1.50. Currently, Sorrento Therapeutics has an average volume of 7.53M.

Starting in November 2015, SRNE received 37 Buy ratings in a row. Four different firms, including Canaccord Genuity and Mizuho Securities, currently also have a Buy rating on the stock.

In the last 30 days, insiders have sold $7.47M worth of SRNE shares and purchased $1.54M worth of SRNE shares. The insider sentiment on Sorrento Therapeutics has been negative according to 20 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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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. The company was founded by Henry H. Ji in 2006 and is headquartered in San Diego, CA.