Wall Street analysts forecast that Sorrento Therapeutics Inc (NASDAQ:SRNE) will post sales of $3.67 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Sorrento Therapeutics’ earnings. The highest sales estimate is $3.80 million and the lowest is $3.50 million. Sorrento Therapeutics reported sales of $121.91 million in the same quarter last year, which indicates a negative year over year growth rate of 97%. The business is expected to announce its next quarterly earnings report on Thursday, November 8th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $17.17 million for the current financial year, with estimates ranging from $16.26 million to $17.70 million. For the next year, analysts forecast that the business will report sales of $27.71 million, with estimates ranging from $25.06 million to $32.20 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Sorrento Therapeutics.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings data on Thursday, August 9th. The biopharmaceutical company reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.53). The business had revenue of $3.91 million during the quarter, compared to analysts’ expectations of $3.28 million. Sorrento Therapeutics had a negative net margin of 15.76% and a negative return on equity of 11.88%.
A number of research analysts have commented on the company. ValuEngine upgraded Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday. BidaskClub upgraded Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday. TheStreet cut Sorrento Therapeutics from a “c-” rating to a “d+” rating in a research note on Tuesday, July 24th. Finally, HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Sorrento Therapeutics in a research note on Monday, August 13th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $21.08.
In related news, major shareholder Abg Management Ltd sold 297,568 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $5.02, for a total value of $1,493,791.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 6.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. TCW Group Inc. acquired a new stake in Sorrento Therapeutics during the third quarter valued at approximately $295,000. Russell Investments Group Ltd. acquired a new stake in Sorrento Therapeutics during the third quarter valued at approximately $896,000. Northern Trust Corp raised its stake in Sorrento Therapeutics by 542.9% during the second quarter. Northern Trust Corp now owns 1,003,650 shares of the biopharmaceutical company’s stock valued at $7,226,000 after buying an additional 847,548 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Sorrento Therapeutics by 429.0% during the second quarter. Bank of New York Mellon Corp now owns 312,419 shares of the biopharmaceutical company’s stock valued at $2,250,000 after buying an additional 253,360 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in Sorrento Therapeutics by 67.4% during the second quarter. California Public Employees Retirement System now owns 61,587 shares of the biopharmaceutical company’s stock valued at $443,000 after buying an additional 24,787 shares in the last quarter. Institutional investors and hedge funds own 25.09% of the company’s stock.
Shares of SRNE traded up $0.51 during midday trading on Friday, reaching $3.98. 28,635 shares of the company were exchanged, compared to its average volume of 1,552,445. The stock has a market cap of $429.58 million, a PE ratio of 27.62 and a beta of 2.48. Sorrento Therapeutics has a 1-year low of $2.15 and a 1-year high of $10.65. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.39 and a quick ratio of 1.39.
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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