Sorrento Therapeutics Inc (NASDAQ:SRNE) – Equities research analysts at Oppenheimer dropped their Q1 2019 earnings estimates for Sorrento Therapeutics in a research report issued on Monday, March 18th. Oppenheimer analyst M. Breidenbach now forecasts that the biopharmaceutical company will post earnings of ($0.39) per share for the quarter, down from their prior estimate of ($0.23). Oppenheimer also issued estimates for Sorrento Therapeutics’ Q2 2019 earnings at ($0.36) EPS, Q3 2019 earnings at ($0.37) EPS, Q4 2019 earnings at ($0.32) EPS, FY2019 earnings at ($1.43) EPS, Q1 2020 earnings at ($0.30) EPS, Q2 2020 earnings at ($0.22) EPS, Q3 2020 earnings at ($0.20) EPS, Q4 2020 earnings at ($0.16) EPS, FY2020 earnings at ($0.88) EPS, FY2021 earnings at ($0.12) EPS, FY2022 earnings at $0.61 EPS and FY2023 earnings at $0.42 EPS.
A number of other brokerages have also weighed in on SRNE. BidaskClub lowered shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 11th. HC Wainwright set a $40.00 target price on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research note on Wednesday, December 12th. ValuEngine lowered shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, Zacks Investment Research lowered shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.42.
Large investors have recently bought and sold shares of the company. InterOcean Capital LLC purchased a new stake in shares of Sorrento Therapeutics in the 4th quarter worth $25,000. Paloma Partners Management Co purchased a new stake in shares of Sorrento Therapeutics in the 4th quarter worth $34,000. Amalgamated Bank purchased a new stake in shares of Sorrento Therapeutics in the 4th quarter worth $35,000. Metropolitan Life Insurance Co. NY increased its stake in shares of Sorrento Therapeutics by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 23,595 shares in the last quarter. Finally, Jefferies Group LLC purchased a new stake in shares of Sorrento Therapeutics in the 3rd quarter worth $159,000. Hedge funds and other institutional investors own 25.64% of the company’s stock.
About Sorrento Therapeutics
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.
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