Sorrento Therapeutics Inc (NASDAQ:SRNE) – Oppenheimer lifted their FY2020 earnings estimates for Sorrento Therapeutics in a research note issued on Monday. Oppenheimer analyst M. Breidenbach now expects that the biopharmaceutical company will earn $0.09 per share for the year, up from their previous forecast of $0.05. Oppenheimer has a “Buy” rating and a $9.00 price target on the stock.
Other analysts also recently issued research reports about the company. BidaskClub raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, March 14th. HC Wainwright set a $38.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, March 6th. Finally, ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $15.00.
Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Sorrento Therapeutics by 408.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after acquiring an additional 41,683 shares during the last quarter. MYDA Advisors LLC bought a new stake in Sorrento Therapeutics in the 4th quarter worth approximately $114,000. Monashee Investment Management LLC bought a new stake in Sorrento Therapeutics in the 4th quarter worth approximately $119,000. JPMorgan Chase & Co. boosted its holdings in shares of 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 purchasing an additional 44,294 shares during the period. Finally, Alambic Investment Management L.P. purchased a new position in shares of Sorrento Therapeutics in the 4th quarter worth approximately $151,000. 12.24% of the stock is currently owned by institutional investors and hedge funds.
In other Sorrento Therapeutics news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of Sorrento Therapeutics stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Abg Management Ltd sold 310,000 shares of Sorrento Therapeutics stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $7.64, for a total value of $2,368,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,215,009 shares of company stock worth $9,185,885 in the last three months. 5.00% of the stock is owned by corporate insiders.
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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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