Oppenheimer Holdings, Inc. Reiterates $6.00 Price Target for Sorrento Therapeutics, Inc. (SRNE)

Oppenheimer Holdings, Inc. set a $6.00 price target on Sorrento Therapeutics, Inc. (NASDAQ:SRNE) in a research note published on Wednesday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock. Oppenheimer Holdings also issued estimates for Sorrento Therapeutics’ Q1 2018 earnings at ($0.29) EPS, Q2 2018 earnings at ($0.28) EPS, Q3 2018 earnings at ($0.26) EPS, Q4 2018 earnings at ($0.24) EPS, FY2018 earnings at ($1.06) EPS, Q1 2019 earnings at ($0.22) EPS, Q2 2019 earnings at ($0.19) EPS, Q3 2019 earnings at ($0.20) EPS, FY2019 earnings at ($0.81) EPS, FY2020 earnings at ($0.21) EPS and FY2021 earnings at $0.24 EPS.

Other research analysts have also recently issued research reports about the company. HC Wainwright reissued a buy rating and issued a $20.00 price objective on shares of Sorrento Therapeutics in a research note on Thursday, October 5th. Roth Capital started coverage on Sorrento Therapeutics in a research note on Thursday, August 3rd. They issued a buy rating and a $7.00 price objective on the stock. Finally, UBS AG started coverage on Sorrento Therapeutics in a research note on Thursday, August 3rd. They issued an outperform rating and a $7.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics currently has a consensus rating of Buy and a consensus target price of $11.50.

Shares of Sorrento Therapeutics (SRNE) traded up $0.05 during trading hours on Wednesday, reaching $2.45. The company had a trading volume of 497,648 shares, compared to its average volume of 829,052. Sorrento Therapeutics has a 52 week low of $1.50 and a 52 week high of $6.38. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18.

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Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after buying an additional 41,683 shares during the period. KCG Holdings Inc. purchased a new stake in Sorrento Therapeutics during the first quarter worth $108,000. JPMorgan Chase & Co. lifted its holdings in Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 44,294 shares during the period. Matrix Asset Advisors Inc. NY lifted its holdings in Sorrento Therapeutics by 227.3% during the second quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock worth $144,000 after buying an additional 50,000 shares during the period. Finally, LMR Partners LLP purchased a new stake in Sorrento Therapeutics during the second quarter worth $177,000. Institutional investors own 15.83% of the company’s stock.

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.

Analyst Recommendations for Sorrento Therapeutics (NASDAQ:SRNE)

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