Sorrento Therapeutics Inc. (SRNE) President and CEOÂ Henry Ji (Insider Trades)Â purchased 20,000 shares of the company for $5.15 per share on Feb. 10. The total transaction amounted to $103,000.
Sorrento Therapeutics is a clinical stage biopharmaceutical company focused on the discovery and development of safe and effective immunotherapies for oncology and autoimmune and inflammation diseases. The company has a market cap of $284.94 million.
Since 2013, the number and volume of insider buys and sells of Sorrento Therapeutics has fluctuated from year to year. In 2013, there were more insider sells, 170,249 shares, compared to insider buys, 23,771 shares; the following year, there were three insider buys totaling 12,999 shares and no insider sells. The lack of insider sells of Sorrento Therapeutics continued into 2015, but the number of insider buys doubled and the volume more than quadrupled to 57,806 shares purchased. In 2016, the trend reversed with no insider buys throughout the year, but five insider sells totaling 183,901 shares. In 2017 to date, there were eight insider purchases totaling 75,000 shares and one insider sell totaling 40,000 shares.
Since 2013, Ji purchased 76,275 shares of the company in 12 transactions, 40,000 of which were purchased in 2017. Ji's earliest transaction during this period of time – 2,000 shares at $8.59 per share – decreased in value by about 30% since the purchase in November 2013. One week prior to Ji's aforementioned transaction, seven Sorrento Therapeutics insiders purchased a combined total of 55,000 shares for $5.15 per share. For more information about insider transactions with Sorrento Therapeutics, click here.
The company reported total revenues of $2.243 million for the three months ended Sept. 30, 2016. Total revenues increased by about 100% when compared to the previous year's third quarter. Net income also increased from -$939,000 to $14.373 million, or a diluted per share net income of -3 cents to 22 cents. SCILEX Pharmaceutical Inc., a subsidiary of Sorrento Therapeutics, announced on Jan. 9 that its product Ztlido (lidocaine patch 1.8%) met a primary endpoint establishing comparative pharmacokinetics and a secondary endpoint of bioequivalence compared to the reference product, Versatis ® (lidocaine medicated plaster 5%). Anthony Mack, president of SCILEX, commented that the company is “pleased to report consistently positive results” for both U.S. and European studies and “look(s) forward to moving this key product closer to commercialization.”
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