$12.73 Million in Sales Expected for Sorrento Therapeutics Inc (SRNE) This Quarter
Equities research analysts expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to announce $12.73 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Sorrento Therapeutics’ earnings. The lowest sales estimate is $5.50 million and the highest is $19.96 million. Sorrento Therapeutics reported sales of $4.02 million in the same quarter last year, which would suggest a positive year over year growth rate of 216.7%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, March 20th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $12.73 million for the current fiscal year, with estimates ranging from $136.90 million to $151.40 million. For the next financial year, analysts anticipate that the business will post sales of $25.35 million per share, with estimates ranging from $23.20 million to $27.50 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Sorrento Therapeutics.
Several equities analysts have recently weighed in on SRNE shares. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Sorrento Therapeutics in a report on Thursday, February 1st. Oppenheimer reiterated a “buy” rating and set a $9.00 price objective on shares of Sorrento Therapeutics in a report on Friday, January 19th. BidaskClub upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, January 6th. Finally, ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Sorrento Therapeutics has an average rating of “Buy” and an average target price of $15.00.
Several institutional investors and hedge funds have recently bought and sold shares of SRNE. Millennium Management LLC raised its holdings in shares of Sorrento Therapeutics by 127.3% in the 4th quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock worth $4,773,000 after acquiring an additional 703,505 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Sorrento Therapeutics by 25.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after acquiring an additional 389,258 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Sorrento Therapeutics by 45.0% in the 4th quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock worth $3,680,000 after acquiring an additional 300,518 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Sorrento Therapeutics in the 4th quarter worth about $200,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Sorrento Therapeutics by 139.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 44,294 shares during the last quarter. Institutional investors own 12.32% of the company’s stock.
Shares of Sorrento Therapeutics (NASDAQ SRNE) traded down $0.35 during midday trading on Thursday, hitting $7.20. 7,843,790 shares of the stock traded hands, compared to its average volume of 3,680,000. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65. The firm has a market capitalization of $571.12, a price-to-earnings ratio of -8.09 and a beta of 1.53. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.18.
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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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