Sorrento Therapeutics Inc (SRNE) Expected to Post Quarterly Sales of $3.67 Million

Wall Street brokerages expect that Sorrento Therapeutics Inc (NASDAQ:SRNE) will post $3.67 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Sorrento Therapeutics’ earnings. The lowest sales estimate is $3.50 million and the highest is $3.80 million. Sorrento Therapeutics posted sales of $121.91 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 97%. The company is expected to issue its next earnings report on Thursday, December 6th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full-year sales of $17.54 million for the current fiscal year, with estimates ranging from $16.77 million to $18.14 million. For the next year, analysts anticipate that the company will post sales of $34.61 million, with estimates ranging from $25.06 million to $46.57 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Sorrento Therapeutics.

SRNE has been the topic of several research reports. HC Wainwright reissued a “buy” rating and set a $40.00 price objective on shares of Sorrento Therapeutics in a research report on Monday, August 13th. Oppenheimer set a $10.00 price objective on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Monday, November 12th. ValuEngine raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Finally, BidaskClub raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 3rd. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $21.42.

Sorrento Therapeutics stock traded down $0.31 during midday trading on Tuesday, hitting $3.25. 2,127,063 shares of the company’s stock were exchanged, compared to its average volume of 2,335,407. Sorrento Therapeutics has a 12-month low of $2.15 and a 12-month high of $10.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $423.07 million, a P/E ratio of 25.00 and a beta of 2.56.

In other news, major shareholder Abg Management Ltd sold 297,568 shares of Sorrento Therapeutics stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $5.02, for a total value of $1,493,791.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 6.00% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Sorrento Therapeutics in the second quarter valued at about $130,000. MYDA Advisors LLC purchased a new stake in Sorrento Therapeutics during the second quarter worth about $252,000. Commonwealth Equity Services LLC boosted its holdings in Sorrento Therapeutics by 7.1% during the second quarter. Commonwealth Equity Services LLC now owns 137,237 shares of the biopharmaceutical company’s stock worth $988,000 after buying an additional 9,146 shares in the last quarter. Swiss National Bank purchased a new stake in Sorrento Therapeutics during the second quarter worth about $856,000. Finally, Bank of New York Mellon Corp boosted its holdings 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 worth $2,250,000 after buying an additional 253,360 shares in the last quarter. 27.11% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also: Diversification

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

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