FY2021 EPS Estimates for Sorrento Therapeutics, Inc. (SRNE) Boosted by Oppenheimer Holdings
Sorrento Therapeutics, Inc. (NASDAQ:SRNE) – Equities researchers at Oppenheimer Holdings increased their FY2021 EPS estimates for Sorrento Therapeutics in a research report issued to clients and investors on Thursday. Oppenheimer Holdings analyst M. Breidenbach now anticipates that the biopharmaceutical company will post earnings per share of $0.44 for the year, up from their prior estimate of $0.33. Oppenheimer Holdings currently has a “Buy” rating and a $7.00 target price on the stock.
SRNE has been the topic of a number of other research reports. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, June 27th. FBR & Co restated a “buy” rating on shares of Sorrento Therapeutics in a research note on Saturday, June 17th. Roth Capital started coverage on Sorrento Therapeutics in a research note on Thursday, August 3rd. They set a “buy” rating and a $7.00 price target on the stock. UBS AG started coverage on Sorrento Therapeutics in a research note on Thursday, August 3rd. They set an “outperform” rating and a $7.00 price target on the stock. Finally, Rodman & Renshaw dropped their price target on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, May 22nd. Seven research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and a consensus price target of $11.67.
Shares of Sorrento Therapeutics (NASDAQ SRNE) traded down 2.86% during midday trading on Friday, hitting $1.70. The stock had a trading volume of 453,894 shares. The stock’s market cap is $130.12 million. The firm has a 50 day moving average price of $1.95 and a 200 day moving average price of $2.95. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $8.35.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crow Point Partners LLC purchased a new position in Sorrento Therapeutics during the second quarter worth about $200,000. State Street Corp increased its position in Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock worth $2,519,000 after buying an additional 29,076 shares in the last quarter. Vident Investment Advisory LLC increased its position in Sorrento Therapeutics by 20.0% in the first quarter. Vident Investment Advisory LLC now owns 170,534 shares of the biopharmaceutical company’s stock worth $674,000 after buying an additional 28,420 shares in the last quarter. KCG Holdings Inc. purchased a new position in Sorrento Therapeutics during the first quarter worth about $108,000. Finally, FMR LLC purchased a new position in Sorrento Therapeutics during the first quarter worth about $430,000. Hedge funds and other institutional investors own 17.51% of the company’s stock.
In other news, insider Henry Ji purchased 29,001 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were purchased at an average price of $1.81 per share, for a total transaction of $52,491.81. Following the purchase, the insider now directly owns 139,776 shares of the company’s stock, valued at approximately $252,994.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.00% of the company’s stock.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.
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