Sorrento Therapeutics Inc (SRNE) Expected to Announce Quarterly Sales of $3.28 Million
Analysts expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to report sales of $3.28 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Sorrento Therapeutics’ earnings, with the highest sales estimate coming in at $4.15 million and the lowest estimate coming in at $2.50 million. Sorrento Therapeutics reported sales of $4.67 million in the same quarter last year, which indicates a negative year over year growth rate of 29.8%. The firm is expected to issue its next earnings report on Wednesday, August 22nd.
According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $17.71 million for the current fiscal year, with estimates ranging from $16.26 million to $19.16 million. For the next year, analysts anticipate that the firm will report sales of $40.09 million per share, with estimates ranging from $25.87 million to $62.20 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Sorrento Therapeutics.
SRNE has been the subject of several recent research reports. HC Wainwright restated a “buy” rating and set a $40.00 target price on shares of Sorrento Therapeutics in a report on Monday, June 11th. BidaskClub downgraded shares of Sorrento Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 6th. ValuEngine upgraded shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. B. Riley initiated coverage on shares of Sorrento Therapeutics in a report on Thursday, June 28th. They set a “buy” rating and a $14.25 target price for the company. Finally, TheStreet downgraded shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a report on Tuesday, July 24th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Sorrento Therapeutics has a consensus rating of “Buy” and an average target price of $21.08.
Hedge funds and other institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $100,000. SG Americas Securities LLC purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $130,000. BlueMountain Capital Management LLC purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $132,000. Verition Fund Management LLC purchased a new stake in shares of Sorrento Therapeutics during the first quarter worth about $122,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in shares of Sorrento Therapeutics during the second quarter worth about $218,000. Institutional investors and hedge funds own 20.44% of the company’s stock.
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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.
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