FY2020 Earnings Forecast for Sorrento Therapeutics Inc Issued By Oppenheimer (SRNE)

Sorrento Therapeutics Inc (NASDAQ:SRNE) – Research analysts at Oppenheimer boosted their FY2020 earnings per share estimates for Sorrento Therapeutics in a report issued on Monday. Oppenheimer analyst M. Breidenbach now anticipates that the biopharmaceutical company will post earnings per share of $0.09 for the year, up from their prior estimate of $0.05. Oppenheimer has a “Buy” rating and a $9.00 price target on the stock.

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Several other equities research analysts have also commented on SRNE. BidaskClub upgraded shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective (up previously from $20.00) on shares of Sorrento Therapeutics in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Sorrento Therapeutics currently has a consensus rating of “Buy” and an average price target of $15.00.

SRNE stock traded down $0.65 during trading hours on Wednesday, reaching $6.90. 4,656,895 shares of the company’s stock traded hands, compared to its average volume of 3,539,034. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.54 and a current ratio of 0.38. The stock has a market cap of $708.22, a price-to-earnings ratio of -13.59 and a beta of 2.05. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65.

Several institutional investors have recently added to or reduced their stakes in SRNE. Dimensional Fund Advisors LP grew its position in shares of Sorrento Therapeutics by 408.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after acquiring an additional 41,683 shares during the period. MYDA Advisors LLC bought a new position in Sorrento Therapeutics in the 4th quarter worth approximately $114,000. Monashee Investment Management LLC bought a new position in Sorrento Therapeutics in the 4th quarter worth approximately $119,000. JPMorgan Chase & Co. boosted its holdings in Sorrento Therapeutics by 139.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 44,294 shares during the period. Finally, Alambic Investment Management L.P. bought a new position in Sorrento Therapeutics in the 4th quarter worth approximately $151,000. 12.24% of the stock is owned by hedge funds and other institutional investors.

In other news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total transaction of $5,173,217.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider George K. Ng bought 90,000 shares of Sorrento Therapeutics stock in a transaction dated Wednesday, February 28th. The shares were bought at an average cost of $9.95 per share, with a total value of $895,500.00. Following the completion of the transaction, the insider now directly owns 1,906,177 shares in the company, valued at $18,966,461.15. The disclosure for this purchase can be found here. Insiders have sold a total of 1,215,009 shares of company stock valued at $9,185,885 over the last three months. Insiders own 5.00% of the company’s stock.

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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.

Earnings History and Estimates for Sorrento Therapeutics (NASDAQ:SRNE)

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