$17.83 Million in Sales Expected for Sorrento Therapeutics, Inc. (NASDAQ:SRNE) This Quarter

Wall Street brokerages forecast that Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) will announce $17.83 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Sorrento Therapeutics’ earnings. The lowest sales estimate is $14.54 million and the highest is $21.12 million. Sorrento Therapeutics reported sales of $14.26 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 25%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Sorrento Therapeutics will report full-year sales of $106.17 million for the current fiscal year, with estimates ranging from $75.78 million to $136.55 million. For the next fiscal year, analysts expect that the business will post sales of $5.10 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Sorrento Therapeutics.

A number of equities research analysts have recently commented on the company. StockNews.com cut Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Investment Research upgraded Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, HC Wainwright dropped their target price on Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, March 25th.

A number of institutional investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its stake in Sorrento Therapeutics by 2.7% in the 3rd quarter. Arizona State Retirement System now owns 74,376 shares of the biopharmaceutical company’s stock valued at $567,000 after buying an additional 1,986 shares in the last quarter. Wedbush Securities Inc. lifted its stake in Sorrento Therapeutics by 16.1% in the 4th quarter. Wedbush Securities Inc. now owns 18,000 shares of the biopharmaceutical company’s stock valued at $84,000 after buying an additional 2,500 shares in the last quarter. Laidlaw Wealth Management LLC lifted its stake in Sorrento Therapeutics by 18.5% in the 3rd quarter. Laidlaw Wealth Management LLC now owns 19,180 shares of the biopharmaceutical company’s stock valued at $146,000 after buying an additional 3,000 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Sorrento Therapeutics by 3.3% in the 3rd quarter. Principal Financial Group Inc. now owns 110,712 shares of the biopharmaceutical company’s stock valued at $845,000 after buying an additional 3,575 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its stake in Sorrento Therapeutics by 16.1% in the 3rd quarter. Centaurus Financial Inc. now owns 29,535 shares of the biopharmaceutical company’s stock worth $225,000 after purchasing an additional 4,100 shares in the last quarter. 27.04% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:SRNE traded up $0.01 during trading on Monday, reaching $1.59. 5,161,518 shares of the company’s stock traded hands, compared to its average volume of 10,216,579. Sorrento Therapeutics has a fifty-two week low of $1.15 and a fifty-two week high of $11.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.62 and a quick ratio of 1.18. The company has a 50-day simple moving average of $1.93 and a 200-day simple moving average of $3.62.

Sorrento Therapeutics Company Profile (Get Rating)

Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutic by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugate, as well as bispecific antibody approach; and Sofusa, a drug delivery technology that deliver biologic directly into the lymphatic system.

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