Zacks: Brokerages Expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Will Post Quarterly Sales of $4.34 Million
Wall Street brokerages expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) to announce $4.34 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Sorrento Therapeutics’ earnings, with estimates ranging from $3.92 million to $4.76 million. Sorrento Therapeutics posted sales of $900,000.00 during the same quarter last year, which suggests a positive year over year growth rate of 382.2%. The business is expected to announce its next quarterly earnings results on Monday, August 14th.
On average, analysts expect that Sorrento Therapeutics will report full year sales of $4.34 million for the current fiscal year, with estimates ranging from $14.25 million to $16.93 million. For the next year, analysts anticipate that the business will report sales of $40.37 million per share, with estimates ranging from $23.40 million to $57.34 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Sorrento Therapeutics.
A number of equities analysts have recently issued reports on SRNE shares. Rodman & Renshaw dropped their price target on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. UBS AG started coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They set an “outperform” rating and a $7.00 price target on the stock. Oppenheimer Holdings, Inc. started coverage on Sorrento Therapeutics in a research report on Friday, August 4th. They set an “outperform” rating and a $7.00 price target on the stock. Roth Capital started coverage on Sorrento Therapeutics in a research report on Thursday, August 3rd. They set a “buy” rating and a $7.00 price target on the stock. Finally, HC Wainwright set a $20.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Six investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average price target of $11.67.
Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at 1.775 on Tuesday. Sorrento Therapeutics has a one year low of $1.50 and a one year high of $8.35. The company’s market cap is $135.86 million. The stock’s 50 day moving average is $1.95 and its 200-day moving average is $2.89.
In other news, insider Henry Ji purchased 29,001 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were acquired at an average price of $1.81 per share, with a total value of $52,491.81. Following the transaction, the insider now owns 139,776 shares of the company’s stock, valued at $252,994.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock worth $3,861,000 after buying an additional 389,258 shares during the last quarter. Virtu KCG Holdings LLC increased its stake in shares of Sorrento Therapeutics by 497.7% in the second quarter. Virtu KCG Holdings LLC now owns 163,931 shares of the biopharmaceutical company’s stock worth $328,000 after buying an additional 136,506 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Sorrento Therapeutics during the second quarter worth $230,000. FMR LLC bought a new stake in shares of Sorrento Therapeutics during the first quarter worth $430,000. Finally, Crow Point Partners LLC bought a new stake in shares of Sorrento Therapeutics during the second quarter worth $200,000. 17.50% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sorrento Therapeutics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sorrento Therapeutics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.