FY2018 EPS Estimates for Sorrento Therapeutics Inc Reduced by Oppenheimer (SRNE)

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Sorrento Therapeutics Inc (NASDAQ:SRNE) – Stock analysts at Oppenheimer decreased their FY2018 earnings per share estimates for shares of Sorrento Therapeutics in a note issued to investors on Monday, November 12th. Oppenheimer analyst M. Breidenbach now expects that the biopharmaceutical company will post earnings per share of ($1.61) for the year, down from their prior estimate of ($1.41). Oppenheimer currently has a “Buy” rating and a $10.00 price target on the stock. Oppenheimer also issued estimates for Sorrento Therapeutics’ Q4 2018 earnings at ($0.22) EPS, Q1 2019 earnings at ($0.23) EPS, Q2 2019 earnings at ($0.22) EPS, Q3 2019 earnings at ($0.22) EPS, Q4 2019 earnings at ($0.21) EPS, FY2019 earnings at ($0.89) EPS, Q1 2020 earnings at ($0.22) EPS, Q2 2020 earnings at ($0.11) EPS, Q3 2020 earnings at ($0.09) EPS, FY2020 earnings at ($0.46) EPS and FY2021 earnings at $0.13 EPS.

Other research analysts have also issued research reports about the stock. HC Wainwright set a $40.00 price objective on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Wednesday, August 29th. ValuEngine upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday, November 6th. TheStreet lowered shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. Finally, BidaskClub raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 3rd. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $21.42.

Sorrento Therapeutics stock opened at $3.60 on Thursday. The company has a market capitalization of $407.40 million, a price-to-earnings ratio of 27.69 and a beta of 2.48. The company has a current ratio of 1.76, a quick ratio of 1.39 and a debt-to-equity ratio of 0.65. Sorrento Therapeutics has a twelve month low of $2.15 and a twelve month high of $10.65.

In other Sorrento Therapeutics news, major shareholder Abg Management Ltd sold 297,568 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $5.02, for a total value of $1,493,791.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SRNE. Teacher Retirement System of Texas bought a new stake in Sorrento Therapeutics in the second quarter worth approximately $100,000. SG Americas Securities LLC bought a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth $130,000. BlueMountain Capital Management LLC bought a new stake in shares of Sorrento Therapeutics during the 2nd quarter worth $132,000. Jefferies Group LLC bought a new stake in shares of Sorrento Therapeutics during the 3rd quarter worth $159,000. Finally, OZ Management LP bought a new stake in shares of Sorrento Therapeutics during the 3rd quarter worth $168,000. 24.63% of the stock is owned by institutional investors.

Sorrento Therapeutics Company Profile

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

Further Reading: Fundamental Analysis

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

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