Sorrento Therapeutics Inc
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Health Care : Biotechnology | Small Cap Value
Company profile

Sorrento Therapeutics, Inc. is a clinical and commercial stage biopharmaceutical company. The Company is engaged in developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune diseases and COVID-19. The Company’s segments include Sorrento Therapeutics and Scilex. The Sorrento Therapeutics segment is organized around its Immune-Oncology therapeutic area, leveraging its G-MAB antibody library and targeted delivery modalities to generate the next-generation of cancer therapeutics. The Scilex segment is organized around its non-opioid pain management operations and clinical pipeline. The Company’s immuno-oncology platforms, including its fully human antibodies (G-MAB library), ACEA small molecule library, immuno-cellular therapies (DAR-T), antibody-drug conjugates (ADCs) and oncolytic virus (Seprehvec). The Company is also developing potential antiviral therapies against COVID-19, including FUJOVEE (Abivertinib) and its rapid diagnostic test, including COVIMARK.

Closing Price
Day's Change
-0.0062 (-6.19%)
B/A Size
Day's High
Day's Low
(Below Average)

10-day average volume:

Cathie Wood's ARK buys up more Palantir shares while selling some Shopify stock

8:02 am ET September 1, 2023 (MarketWatch)

By Emily Bary

ARK funds purchased more than $10 million Palantir shares in aggregate Thursday

Palantir Technologies Inc. and Shopify Inc. shares both made dramatic moves in Thursday's session, and Cathie Wood's Ark Investment used those to tweak its positions.

Various ARK funds bought the dip on Palantir's stock (PLTR) Thursday, scooping up just over $10 million worth of shares in aggregate as they dropped more than 8%, recent disclosures show.

The flagship ARK Innovation ETF ARKK added about 525,000 shares of Palantir on the day, worth $7.9 million based on Thursday's closing prices. The ARK Fintech Innovation ETF ARKF bought up about 58,000, worth roughly $874,000, while the ARK Next Generation Internet ETF ARKW purchased about 89,000 shares, worth just over $1.3 million.

ARK puts out trade disclosures showing its portfolio changes for each day.

Don't miss: Why Palantir is launching into its first stock-buyback program

Palantir shares came under pressure Thursday after Morgan Stanley turned bearish on the stock, warning that its valuation was too rich and that it would take time for the company to translate its artificial-intelligence offering into serious revenue.

See more: Palantir's stock sinks after downgrade, with half of Wall Street analysts now bearish

Meanwhile, as Shopify's stock (SHOP.T) roared nearly 11% higher Thursday, various ARK funds trimmed their positions. The ARK Innovation ETF dumped about 126,000 shares, worth almost $8.4 million based on Thursday's ending level of $66.49. The fintech ETF unloaded nearly 14,000 shares, worth about $911,000, while the Next Generation Internet ETF sold more than 20,000 shares, worth about $1.4 million.

That amounted to $10.7 million in sales based on Thursday's closing price. ARK doesn't disclose the average prices at which it makes its transactions.

All three ARK funds that transacted in Shopify's stock Thursday continue to hold positions in the name.

Shopify's big rally came as the company notched a new collaboration with Inc. (AMZN) that one analyst said lifted an overhang on the shares.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

September 01, 2023 08:02 ET (12:02 GMT)

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