Brokerages forecast that Sorrento Therapeutics Inc (NASDAQ:SRNE) will report sales of $12.73 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Sorrento Therapeutics’ earnings. The lowest sales estimate is $5.50 million and the highest is $19.96 million. Sorrento Therapeutics posted sales of $4.02 million during the same quarter last year, which would indicate a positive year over year growth rate of 216.7%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, March 27th.
On average, analysts expect that Sorrento Therapeutics will report full year sales of $12.73 million for the current fiscal year, with estimates ranging from $136.90 million to $151.41 million. For the next fiscal year, analysts forecast that the business will post sales of $24.15 million per share, with estimates ranging from $20.80 million to $27.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Sorrento Therapeutics.
SRNE has been the topic of several research reports. BidaskClub upgraded shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. ValuEngine upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective (up from $20.00) on shares of Sorrento Therapeutics in a report on Tuesday, January 16th. Finally, Oppenheimer reiterated a “buy” rating and issued a $9.00 price objective on shares of Sorrento Therapeutics in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. Sorrento Therapeutics currently has an average rating of “Buy” and a consensus target price of $15.00.
Hedge funds have recently added to or reduced their stakes in the stock. MYDA Advisors LLC acquired a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $114,000. Monashee Investment Management LLC acquired a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $119,000. Alambic Investment Management L.P. acquired a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $151,000. Gotham Asset Management LLC acquired a new position in shares of Sorrento Therapeutics in the fourth quarter valued at about $163,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Sorrento Therapeutics by 408.4% in the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock valued at $104,000 after acquiring an additional 41,683 shares in the last quarter. Institutional investors and hedge funds own 12.24% of the company’s stock.
SRNE stock traded down $0.63 during trading hours on Friday, hitting $6.92. 4,452,499 shares of the company’s stock traded hands, compared to its average volume of 3,533,631. Sorrento Therapeutics has a 12-month low of $1.50 and a 12-month high of $10.65. The firm has a market capitalization of $708.22, a P/E ratio of -13.59 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.54 and a current ratio of 0.38.
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Sorrento Therapeutics Company Profile
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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