Zacks: Brokerages Expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Will Announce Quarterly Sales of $10.21 Million

Brokerages forecast that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will post $10.21 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Sorrento Therapeutics’ earnings, with the highest sales estimate coming in at $16.90 million and the lowest estimate coming in at $3.51 million. Sorrento Therapeutics reported sales of $11.75 million in the same quarter last year, which would suggest a negative year over year growth rate of 13.1%. The company is scheduled to report its next earnings results on Friday, November 5th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full-year sales of $40.25 million for the current financial year, with estimates ranging from $13.49 million to $67.00 million. For the next fiscal year, analysts forecast that the business will report sales of $1.14 billion, with estimates ranging from $267.80 million to $2.01 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Sorrento Therapeutics.

Separately, HC Wainwright dropped their price objective on Sorrento Therapeutics from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, August 9th.

In other Sorrento Therapeutics news, Director Kim Janda sold 8,000 shares of the company’s stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $8.04, for a total value of $64,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC increased its stake in shares of Sorrento Therapeutics by 6.2% in the second quarter. Parametric Portfolio Associates LLC now owns 141,139 shares of the biopharmaceutical company’s stock valued at $1,368,000 after buying an additional 8,251 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Sorrento Therapeutics in the second quarter valued at about $480,000. Morgan Stanley increased its stake in shares of Sorrento Therapeutics by 13.3% in the second quarter. Morgan Stanley now owns 913,309 shares of the biopharmaceutical company’s stock valued at $8,851,000 after buying an additional 107,324 shares during the period. Wells Fargo & Company MN grew its stake in Sorrento Therapeutics by 3.7% during the second quarter. Wells Fargo & Company MN now owns 826,533 shares of the biopharmaceutical company’s stock worth $8,009,000 after purchasing an additional 29,683 shares during the period. Finally, Invesco Ltd. grew its stake in Sorrento Therapeutics by 54.9% during the second quarter. Invesco Ltd. now owns 97,201 shares of the biopharmaceutical company’s stock worth $942,000 after purchasing an additional 34,463 shares during the period. 26.01% of the stock is owned by institutional investors.

Shares of SRNE stock traded up $0.01 on Friday, hitting $7.98. 58,424 shares of the company’s stock were exchanged, compared to its average volume of 10,028,665. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.86 and a quick ratio of 0.85. Sorrento Therapeutics has a 12 month low of $5.17 and a 12 month high of $17.25. The stock has a market cap of $2.38 billion, a P/E ratio of -6.87 and a beta of 2.35. The company has a 50 day moving average of $8.49 and a 200 day moving average of $8.39.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.

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

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