-$0.34 Earnings Per Share Expected for Sorrento Therapeutics, Inc. (SRNE) This Quarter
Analysts expect that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will post earnings per share of ($0.34) for the current quarter, Zacks reports. Two analysts have provided estimates for Sorrento Therapeutics’ earnings, with the lowest EPS estimate coming in at ($0.41) and the highest estimate coming in at ($0.27). Sorrento Therapeutics posted earnings of ($0.28) per share during the same quarter last year, which would suggest a negative year over year growth rate of 21.4%. The firm is expected to issue its next earnings report on Monday, August 14th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full-year earnings of ($1.24) per share for the current fiscal year, with EPS estimates ranging from ($1.38) to ($1.09). For the next financial year, analysts forecast that the firm will report earnings of ($0.65) per share, with EPS estimates ranging from ($0.75) to ($0.55). Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow Sorrento Therapeutics.
Several equities research analysts recently commented on SRNE shares. Rodman & Renshaw cut their price objective on shares of Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. UBS AG started coverage on shares of Sorrento Therapeutics in a research report on Thursday, August 3rd. They set an “outperform” rating and a $7.00 price target on the stock. Oppenheimer Holdings, Inc. started coverage on shares of Sorrento Therapeutics in a research note on Friday, August 4th. They set an “outperform” rating and a $7.00 price objective on the stock. Roth Capital started coverage on shares of Sorrento Therapeutics in a research note on Thursday, August 3rd. They set a “buy” rating and a $7.00 price objective on the stock. Finally, 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 Tuesday, July 4th. Six equities research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $11.67.
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In related news, insider Henry Ji acquired 29,001 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was acquired at an average price of $1.81 per share, with a total value of $52,491.81. Following the purchase, the insider now directly owns 139,776 shares in the company, valued at $252,994.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position 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 last quarter. KCG Holdings Inc. bought a new position in shares of Sorrento Therapeutics during the first quarter valued at approximately $108,000. Matrix Asset Advisors Inc. NY increased its position 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 last quarter. LMR Partners LLP bought a new position in shares of Sorrento Therapeutics during the second quarter valued at approximately $177,000. Finally, Crow Point Partners LLC bought a new position in shares of Sorrento Therapeutics during the second quarter valued at approximately $200,000. 17.51% of the stock is owned by institutional investors and hedge funds.
Shares of Sorrento Therapeutics (NASDAQ:SRNE) traded down 2.86% during trading on Friday, reaching $1.70. The company had a trading volume of 453,894 shares. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $8.35. The firm has a 50-day moving average of $1.95 and a 200-day moving average of $2.95. The company’s market cap is $130.12 million.
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.
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