Sorrento Therapeutics, Inc. (NASDAQ:SRNE) – Stock analysts at Oppenheimer Holdings increased their FY2021 EPS estimates for Sorrento Therapeutics in a research note issued to investors on Thursday. Oppenheimer Holdings analyst M. Breidenbach now anticipates that the biopharmaceutical company will post earnings of $0.44 per share for the year, up from their prior estimate of $0.33. Oppenheimer Holdings has a “Buy” rating and a $7.00 price target on the stock.

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A number of other analysts have also commented on the company. FBR & Co reissued an “outperform” rating and set a $9.00 price target (down from $13.00) on shares of Sorrento Therapeutics in a research note on Monday, May 22nd. HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, June 27th. Rodman & Renshaw cut 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. UBS AG initiated 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, Roth Capital initiated 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. Seven equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics currently 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 mid-day trading on Friday, reaching $1.70. The company’s stock had a trading volume of 453,894 shares. The firm’s market cap is $130.12 million. Sorrento Therapeutics has a 12 month low of $1.50 and a 12 month high of $8.35. The company has a 50-day moving average of $1.95 and a 200-day moving average of $2.97.

In related news, insider Henry Ji acquired 29,001 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were bought at an average cost of $1.81 per share, with a total value of $52,491.81. Following the completion of the purchase, the insider now directly owns 139,776 shares in the company, valued at $252,994.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.00% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in shares of 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 during the last quarter. Teachers Advisors LLC increased its stake in shares of Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock worth $205,000 after buying an additional 4,099 shares during the last quarter. Vident Investment Advisory LLC increased its stake in shares of 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 during the last quarter. FMR LLC acquired a new stake in shares of Sorrento Therapeutics during the first quarter worth $430,000. Finally, Geode Capital Management LLC increased its stake in shares of Sorrento Therapeutics by 3.8% in the first quarter. Geode Capital Management LLC now owns 366,928 shares of the biopharmaceutical company’s stock worth $1,449,000 after buying an additional 13,495 shares during the last quarter. 17.51% of the stock is currently owned by institutional investors.

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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