BlackRock Fund Advisors recently announced the acquisition of new stake in Sorrento Therapeutics Inc. (NASDAQ:SRNE). The institutional investor has increased its shareholding in the Healthcare company by 40.01% to 11.24 million shares with purchase of 3.21 million shares. This fresh investment now brings its stake to 5.56% valued currently at $100.27 million. In addition, SSgA Funds Management, Inc. raised its holdings by 7.69 million to 9.99 million shares. And The Vanguard Group, Inc. has lifted its position by 47.74% or 3.0 million shares – to 9.27 million shares.
With over 14.94 million Sorrento Therapeutics Inc. (SRNE) shares trading Friday and a closing price of $8.28 on the day, the dollar volume was approximately $123.72 million. The shares have shown a negative weekly performance of -17.53% and its price on 08/28/20 gained nearly 1.85%. Currently, there are 216.96M common shares owned by the public and among those 200.97M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for SRNE have a consensus price objective of $25.50. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $21.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Sorrento Therapeutics Inc. stock is 2.00 for the next 12 months. But an upside of 72.4% will see the stock hit the forecast high price target while mean target price for the stock is $25.50.
Insiders at the company have transacted a total of 1 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 1 of these insider trades were purchases, accounting for 40,000 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Sorrento Therapeutics Inc. are SPDR S&P Biotech ETF, Vanguard Total Stock Market Index, and iShares Russell 2000 ETF. SPDR S&P Biotech ETF owns 7.35 million shares of the company’s stock, all valued at over $65.58 million. The company sold 73668.0 shares recently to bring their total holdings to about 3.64% of the shares outstanding. Vanguard Total Stock Market Index bought 1624.0 shares to see its total holdings expand to 5.14 million shares valued at over $45.87 million and representing 2.54% of the shares outstanding. iShares Russell 2000 ETF sold -0.17 million shares to bring its total holdings to over 3.6 million shares at a value of $32.09 million. iShares Russell 2000 ETF now owns shares totaling to 1.78% of the shares outstanding.
Shares of Sorrento Therapeutics Inc. (NASDAQ: SRNE) opened at $8.04, down -$0.09 from a prior closing price of $8.13. However, the script later closed the day at $8.28, up 1.85%. The company’s stock has a 5-day price change of -17.53% and 65.60% over the past three months. SRNE shares are trading 144.97% year to date (YTD), with the 12-month market performance up to 285.12% higher. It has a 12-month low price of $1.39 and touched a high of $19.39 over the same period. Currently, 14.94 million shares have been traded, compared to an average intraday trading volume of 41.08 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -29.07%, -6.35%, and 81.09% respectively.
Institutional ownership of Sorrento Therapeutics Inc. (NASDAQ: SRNE) shares accounts for 25.80% of the company’s 216.96M shares outstanding. Mutual fund holders own 15.74%, while other institutional holders and individual stakeholders account for 16.89% and 14.89% respectively.
It has a market capitalization of $1.97B and a beta (3y monthly) value of 2.95. The earnings-per-share (ttm) stands at -$1.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 14.12% over the week and 16.93% over the month.
Analysts forecast that Sorrento Therapeutics Inc. (SRNE) will achieve an EPS of -$0.16 for the current quarter, -$0.13 for the next quarter and $0.22 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of -$0.16. Comparatively, EPS for the current quarter was -$0.5 a year ago. Earnings per share for the fiscal year are expected to decrease by -14.80%, and 126.50% over the next financial year. EPS should grow at an annualized rate of 37.00% over the next five years, compared to -11.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Sorrento Therapeutics Inc. (SRNE) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SRNE, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on July 31, 2020, with the firm’s price target at $24-$30. Dawson James coverage for the Sorrento Therapeutics Inc. (SRNE) stock in a research note released on May 26, 2020 offered a Buy rating with a price target of $24. JMP Securities was of a view on October 07, 2019 that the stock is Mkt Outperform, while B. Riley FBR Inc. gave the stock Buy rating on June 28, 2018, issuing a price target of $14.25. H.C. Wainwright on their part issued Buy rating on January 16, 2018.