Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Given a $7.00 Price Target by Oppenheimer Holdings, Inc. Analysts
Oppenheimer Holdings, Inc. set a $7.00 price objective on Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research report report published on Thursday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock. Oppenheimer Holdings also issued estimates for Sorrento Therapeutics’ FY2021 earnings at $0.44 EPS.
Several other analysts have also recently weighed in on SRNE. FBR & Co reiterated an outperform rating and issued a $9.00 price objective (down previously from $13.00) on shares of Sorrento Therapeutics in a research note on Monday, May 22nd. Rodman & Renshaw dropped their price objective on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a buy rating for the company in a research note on Monday, May 22nd. HC Wainwright set a $20.00 price objective on shares of Sorrento Therapeutics and gave the stock a buy rating in a research note on Monday, May 22nd. UBS AG initiated coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They issued an outperform rating and a $7.00 price objective for the company. Finally, Roth Capital initiated coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They issued a buy rating and a $7.00 price objective for the company. Six research analysts have rated the stock with a buy rating, The stock currently has an average rating of Buy and an average price target of $11.67.
Sorrento Therapeutics (NASDAQ:SRNE) traded up 4.412% during mid-day trading on Thursday, reaching $1.775. 325,367 shares of the company were exchanged. The stock’s market capitalization is $135.86 million. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $8.35. The company’s 50 day moving average price is $1.95 and its 200-day moving average price is $2.95.
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In other news, insider Henry Ji bought 29,001 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were purchased at an average cost of $1.81 per share, with a total value of $52,491.81. Following the acquisition, the insider now directly owns 139,776 shares in the company, valued at $252,994.56. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 5.00% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in SRNE. Dimensional Fund Advisors LP raised its stake in shares of Sorrento Therapeutics by 408.4% in the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 41,683 shares during the period. KCG Holdings Inc. bought a new stake in shares of Sorrento Therapeutics during the first quarter valued at about $108,000. Matrix Asset Advisors Inc. NY raised its stake in shares of Sorrento Therapeutics by 227.3% in the second quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock valued at $144,000 after buying an additional 50,000 shares during the period. LMR Partners LLP bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at about $177,000. Finally, Crow Point Partners LLC bought a new stake in shares of Sorrento Therapeutics during the second quarter valued at about $200,000. 17.50% of the stock is currently owned by institutional investors.
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.
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