Sorrento Therapeutics Inc. (NASDAQ:SRNE) – Analysts at Roth Capital cut their FY2016 earnings per share (EPS) estimates for Sorrento Therapeutics in a research note issued on Thursday. Roth Capital analyst J. Pantginis now forecasts that the firm will post earnings of ($1.57) per share for the year, down from their prior forecast of ($1.52). Roth Capital currently has a “Buy” rating and a $15.00 price target on the stock. Roth Capital also issued estimates for Sorrento Therapeutics’ Q4 2016 earnings at ($0.73) EPS, FY2017 earnings at ($1.04) EPS, FY2018 earnings at ($1.10) EPS, FY2019 earnings at ($1.30) EPS and FY2020 earnings at ($1.44) EPS.

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

A number of other brokerages have also issued reports on SRNE. FBR & Co reissued a “buy” rating on shares of Sorrento Therapeutics in a report on Thursday, August 4th. Brean Capital reissued a “buy” rating on shares of Sorrento Therapeutics in a report on Friday, August 12th. Six investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $22.67.

Shares of Sorrento Therapeutics (NASDAQ:SRNE) opened at 6.55 on Monday. The stock has a 50 day moving average of $6.73 and a 200 day moving average of $6.53. The company’s market cap is $377.08 million. Sorrento Therapeutics has a 12-month low of $4.25 and a 12-month high of $10.26.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Investment Management LLC raised its position in shares of Sorrento Therapeutics by 6.2% in the second quarter. BlackRock Investment Management LLC now owns 107,593 shares of the biopharmaceutical company’s stock valued at $603,000 after buying an additional 6,259 shares during the period. BlackRock Fund Advisors raised its position in shares of Sorrento Therapeutics by 2.8% in the second quarter. BlackRock Fund Advisors now owns 746,289 shares of the biopharmaceutical company’s stock valued at $4,179,000 after buying an additional 20,587 shares during the period. Alliancebernstein L.P. raised its position in shares of Sorrento Therapeutics by 26.7% in the second quarter. Alliancebernstein L.P. now owns 31,551 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 6,651 shares during the period. Wildcat Capital Management LLC raised its position in shares of Sorrento Therapeutics by 6.7% in the second quarter. Wildcat Capital Management LLC now owns 2,799,790 shares of the biopharmaceutical company’s stock valued at $15,678,000 after buying an additional 176,257 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Sorrento Therapeutics by 2.0% in the second quarter. Rhumbline Advisers now owns 29,975 shares of the biopharmaceutical company’s stock valued at $168,000 after buying an additional 575 shares during the period. 21.97% of the stock is owned by institutional investors.

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.

5 Day Chart for NASDAQ:SRNE

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