Sorrento Therapeutics Inc (NASDAQ:SRNE) – Stock analysts at B. Riley lowered their Q2 2019 earnings per share estimates for Sorrento Therapeutics in a research note issued to investors on Thursday, June 20th. B. Riley analyst A. D’silva now forecasts that the biopharmaceutical company will post earnings of ($0.34) per share for the quarter, down from their previous forecast of ($0.33). B. Riley currently has a “Buy” rating and a $12.00 price target on the stock. B. Riley also issued estimates for Sorrento Therapeutics’ Q3 2019 earnings at ($0.34) EPS, FY2019 earnings at ($1.38) EPS, FY2020 earnings at ($0.88) EPS, FY2021 earnings at ($0.70) EPS and FY2022 earnings at ($0.17) EPS.
Several other analysts have also recently weighed in on SRNE. Zacks Investment Research cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th. BidaskClub cut Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Wednesday, April 3rd. Finally, HC Wainwright set a $40.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $20.67.
NASDAQ:SRNE opened at $3.56 on Monday. The firm has a 50-day simple moving average of $3.39. Sorrento Therapeutics has a twelve month low of $1.80 and a twelve month high of $7.55. The stock has a market cap of $442.41 million, a PE ratio of -1.85 and a beta of 2.66. The company has a current ratio of 1.60, a quick ratio of 1.54 and a debt-to-equity ratio of 2.35.
Sorrento Therapeutics (NASDAQ:SRNE) last released its quarterly earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.05. Sorrento Therapeutics had a negative return on equity of 102.94% and a negative net margin of 1,323.09%. The firm had revenue of $6.14 million for the quarter, compared to analysts’ expectations of $8.02 million.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Management Group Inc. ADV bought a new position in Sorrento Therapeutics during the first quarter valued at approximately $941,000. Sigma Planning Corp boosted its stake in Sorrento Therapeutics by 100.0% during the first quarter. Sigma Planning Corp now owns 40,500 shares of the biopharmaceutical company’s stock valued at $192,000 after buying an additional 20,250 shares during the last quarter. BNP Paribas Arbitrage SA bought a new position in Sorrento Therapeutics during the first quarter valued at approximately $116,000. Mercer Global Advisors Inc. ADV bought a new position in Sorrento Therapeutics during the first quarter valued at approximately $76,000. Finally, Deutsche Bank AG boosted its stake in Sorrento Therapeutics by 136.1% during the fourth quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock valued at $2,273,000 after buying an additional 546,298 shares during the last quarter. 18.66% of the stock is currently 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. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.
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