Sorrento Therapeutics, Inc. (SRNE) shares are up 14.48% to $16.07 in midday trading. The move comes on a strong volume too with the issue currently trading more than 500K shares, compared to the average volume of 461K shares. Not seeing any news or rumors to account for the move.
Sorrento Therapeutics is a San Diego, Calif.-based biopharmaceutical company that focuses on the discovery and commercialization of proprietary drug therapeutics for addressing unmet medical needs in the U.S., Europe, and internationally. Its stock has a median consensus analyst price target of $22.50 with a high target of $30.00, and a 52-week trading range of $3.10 to $16.59.
The T-12 operating margin at Sorrento Therapeutics is (916%). SRNE‘s revenue for the same period is $3.83 million.
Shares of Tesla Motors, Inc. (TSLA) are down 2.25% following WSJ reports that says the electric car maker’s high stock price and need for cash to fuel its ambitions are a risky combination.
In other Tesla news, insideevs.com reports Tesla’s upcoming $35,000 Tesla Model 3 has been pushed back to 2018. Tesla had long promised that the 200-plus mile Model 3 would arrive at least in limited production in late 2017.
Hansen Medical, Inc. (HNSN) shares gained 11.32% to $1.18 in early trade as the company files to sell 177.83 million shares on behalf of selling shareholders. The stock is trading on heavy volume with 1.2 million shares changing hands, well ahead of its three month daily average of 193K shares.
Williams Companies Inc (WMB) spiked 25% on heavy volume in early market trading Monday after the natural gas pipeline maker rejected a $64/share bid and said is reviewing strategic alternatives. Williams didn’t disclose the source of the bid, but Dallas-based Energy Transfer Equity LP (ETE) later confirmed that it had made the $53.1 billion offer, including the assumption of debt and other liabilities.
“ETE has made multiple attempts over an almost six-month period to engage in meaningful, friendly dialogue with the senior management of Williams regarding a proposed merger,” ETE officials said in a statement.
Epizyme, Inc. (EPZM) has been a solid gainer in midday trading, up nearly 30% to $27.32 from Friday’s close of $20.75. The gains have been aided by the company’s report of additional positive data from ongoing Phase 1 study of Tazemetostat.