FY2017 Earnings Forecast for Sorrento Therapeutics, Inc. (SRNE) Issued By Oppenheimer Holdings
Sorrento Therapeutics, Inc. (NASDAQ:SRNE) – Equities researchers at Oppenheimer Holdings raised their FY2017 earnings estimates for Sorrento Therapeutics in a report released on Tuesday. Oppenheimer Holdings analyst M. Breidenbach now expects that the biopharmaceutical company will post earnings per share of ($1.03) for the year, up from their previous forecast of ($1.09). Oppenheimer Holdings has a “Buy” rating and a $7.00 price objective on the stock.
Other analysts have also recently issued reports about the company. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research report on Saturday, June 17th. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday. Roth Capital began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued a “buy” rating and a $7.00 price target on the stock. UBS AG began coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They issued an “outperform” rating and a $7.00 price target on the stock. Finally, Rodman & Renshaw lowered their price target on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. Six equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $11.67.
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Shares of Sorrento Therapeutics (SRNE) opened at 1.80 on Thursday. The stock’s 50 day moving average is $1.87 and its 200 day moving average is $2.69. The stock’s market cap is $124.15 million. Sorrento Therapeutics has a 12 month low of $1.50 and a 12 month high of $8.35.
In other Sorrento Therapeutics news, insider Henry Ji acquired 29,001 shares of Sorrento Therapeutics stock in a transaction on Thursday, June 15th. The shares were bought at an average price of $1.81 per share, with a total value of $52,491.81. Following the completion of the purchase, the insider now owns 139,776 shares in the company, valued at $252,994.56. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Intellectus Partners LLC raised its position in Sorrento Therapeutics by 44.7% in the second quarter. Intellectus Partners LLC now owns 1,585,840 shares of the biopharmaceutical company’s stock worth $3,172,000 after buying an additional 490,000 shares in the last quarter. Vanguard Group Inc. raised its position in Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after buying an additional 389,258 shares in the last quarter. Susquehanna International Group LLP acquired a new position in Sorrento Therapeutics during the second quarter worth approximately $306,000. Virtu KCG Holdings LLC raised its position in Sorrento Therapeutics by 497.7% in the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock worth $328,000 after buying an additional 136,506 shares in the last quarter. Finally, Marshall Wace North America L.P. acquired a new position in Sorrento Therapeutics during the second quarter worth approximately $230,000. 16.32% of the stock is currently owned by institutional investors.
About Sorrento Therapeutics
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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