Analysts Expect Sorrento Therapeutics Inc (SRNE) Will Announce Earnings of -$0.20 Per Share

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Wall Street analysts predict that Sorrento Therapeutics Inc (NASDAQ:SRNE) will announce earnings per share of ($0.20) for the current quarter, Zacks reports. Three analysts have provided estimates for Sorrento Therapeutics’ earnings, with the highest EPS estimate coming in at ($0.18) and the lowest estimate coming in at ($0.22). Sorrento Therapeutics also posted earnings of ($0.20) per share during the same quarter last year. The company is expected to announce its next earnings results on Wednesday, August 22nd.

On average, analysts expect that Sorrento Therapeutics will report full year earnings of ($1.40) per share for the current fiscal year, with EPS estimates ranging from ($1.46) to ($1.34). For the next financial year, analysts forecast that the firm will report earnings of ($0.63) per share, with EPS estimates ranging from ($0.78) to ($0.55). Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Sorrento Therapeutics.

A number of research firms recently weighed in on SRNE. TheStreet lowered shares of Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research report on Tuesday, July 24th. BidaskClub upgraded shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 26th. ValuEngine raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, June 2nd. HC Wainwright set a $40.00 price objective on shares of Sorrento Therapeutics and gave the company a “buy” rating in a report on Monday, May 14th. Finally, B. Riley started coverage on shares of Sorrento Therapeutics in a research note on Thursday, June 28th. They set a “buy” rating and a $14.25 target price for the company. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Sorrento Therapeutics currently has an average rating of “Buy” and a consensus target price of $21.08.

Sorrento Therapeutics stock traded up $0.05 during mid-day trading on Friday, hitting $5.35. The stock had a trading volume of 1,203,314 shares, compared to its average volume of 2,714,058. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.06. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $10.65.

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Sorrento Therapeutics by 62.8% during the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock worth $207,000 after buying an additional 21,064 shares in the last quarter. BlackRock Inc. raised its stake in shares of Sorrento Therapeutics by 45.0% during the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after purchasing an additional 300,518 shares during the period. Wells Fargo & Company MN raised its stake in shares of Sorrento Therapeutics by 19,948.0% during the first quarter. Wells Fargo & Company MN now owns 501,200 shares of the biopharmaceutical company’s stock valued at $2,581,000 after purchasing an additional 498,700 shares during the period. Alambic Investment Management L.P. raised its stake in shares of Sorrento Therapeutics by 946.5% during the first quarter. Alambic Investment Management L.P. now owns 417,034 shares of the biopharmaceutical company’s stock valued at $2,148,000 after purchasing an additional 377,182 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Sorrento Therapeutics by 15.7% during the first quarter. Northern Trust Corp now owns 156,102 shares of the biopharmaceutical company’s stock valued at $804,000 after purchasing an additional 21,148 shares during the period. Hedge funds and other institutional investors own 20.44% of the company’s stock.

About Sorrento Therapeutics

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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