Analysts Expect Sorrento Therapeutics Inc (SRNE) Will Post Quarterly Sales of $4.23 Million

Equities research analysts predict that Sorrento Therapeutics Inc (NASDAQ:SRNE) will report sales of $4.23 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Sorrento Therapeutics’ earnings, with the lowest sales estimate coming in at $4.00 million and the highest estimate coming in at $4.46 million. Sorrento Therapeutics reported sales of $2.24 million in the same quarter last year, which would suggest a positive year over year growth rate of 88.8%. The company is expected to issue its next quarterly earnings results on Wednesday, December 13th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $4.23 million for the current year, with estimates ranging from $17.64 million to $151.40 million. For the next financial year, analysts forecast that the firm will report sales of $23.30 million per share, with estimates ranging from $23.20 million to $23.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Sorrento Therapeutics.

A number of research firms have issued reports on SRNE. Oppenheimer set a $6.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Wednesday, November 15th. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Sorrento Therapeutics in a report on Thursday, October 5th. Six investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $11.50.

Institutional investors have recently bought and sold shares of the business. KCG Holdings Inc. bought a new position in shares of Sorrento Therapeutics during the 1st quarter worth approximately $108,000. Dimensional Fund Advisors LP lifted its holdings in shares of Sorrento Therapeutics by 408.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 shares in the last quarter. Matrix Asset Advisors Inc. NY lifted its holdings in shares of Sorrento Therapeutics by 227.3% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 72,000 shares of the biopharmaceutical company’s stock worth $144,000 after purchasing an additional 50,000 shares in the last quarter. JPMorgan Chase & Co. lifted 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 purchasing an additional 44,294 shares in the last quarter. Finally, LMR Partners LLP bought a new position in shares of Sorrento Therapeutics in the 2nd quarter worth $177,000. Hedge funds and other institutional investors own 12.63% of the company’s stock.

Sorrento Therapeutics (SRNE) remained flat at $$2.25 during trading on Wednesday. The company had a trading volume of 368,983 shares, compared to its average volume of 792,076. Sorrento Therapeutics has a twelve month low of $1.50 and a twelve month high of $6.08. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18.

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About Sorrento Therapeutics

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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Earnings History and Estimates for Sorrento Therapeutics (NASDAQ:SRNE)

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