Equities analysts expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to post earnings of ($0.14) per share for the current quarter, according to Zacks. Two analysts have provided estimates for Sorrento Therapeutics’ earnings, with the highest EPS estimate coming in at ($0.02) and the lowest estimate coming in at ($0.26). Sorrento Therapeutics posted earnings per share of ($0.44) in the same quarter last year, which would suggest a positive year over year growth rate of 68.2%. The company is expected to report its next earnings report on Tuesday, March 20th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full-year earnings of ($0.39) per share for the current year. For the next fiscal year, analysts anticipate that the business will report earnings of ($0.65) per share, with EPS estimates ranging from ($0.83) to ($0.46). Zacks’ EPS averages are an average based on a survey of sell-side research analysts that that provide coverage for Sorrento Therapeutics.
Several research analysts recently commented on SRNE shares. HC Wainwright set a $30.00 price objective on Sorrento Therapeutics and gave the company a “buy” rating in a research note on Tuesday, January 23rd. BidaskClub raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 6th. Oppenheimer reissued a “buy” rating and issued a $9.00 price objective on shares of Sorrento Therapeutics in a research note on Friday, January 19th. Finally, ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $15.00.
Sorrento Therapeutics stock opened at $7.75 on Friday. Sorrento Therapeutics has a 52 week low of $1.50 and a 52 week high of $10.65. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.54 and a quick ratio of 0.54.
In other Sorrento Therapeutics news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Abg Management Ltd sold 310,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $7.64, for a total value of $2,368,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Sorrento Therapeutics by 62.8% in the 4th quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after buying an additional 21,064 shares in the last quarter. MYDA Advisors LLC purchased a new stake in Sorrento Therapeutics in the 4th quarter valued at $114,000. Monashee Investment Management LLC purchased a new stake in Sorrento Therapeutics in the 4th quarter valued at $119,000. Alambic Investment Management L.P. purchased a new stake in Sorrento Therapeutics in the 4th quarter valued at $151,000. Finally, Dimensional Fund Advisors LP grew its holdings in Sorrento Therapeutics by 408.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 41,683 shares in the last quarter. Institutional investors own 12.24% of the company’s stock.
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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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