Sorrento Therapeutics Inc (SRNE) Expected to Post Earnings of -$0.26 Per Share

Analysts predict that Sorrento Therapeutics Inc (NASDAQ:SRNE) will announce ($0.26) earnings per share (EPS) for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Sorrento Therapeutics’ earnings. Sorrento Therapeutics posted earnings of ($0.44) per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 40.9%. The firm is expected to report its next earnings results on Tuesday, March 20th.

On average, 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 expect that the business will report earnings of ($0.65) per share, with EPS estimates ranging from ($0.83) to ($0.46). Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that cover Sorrento Therapeutics.

SRNE has been the topic of several analyst reports. Oppenheimer set a $6.00 price objective on Sorrento Therapeutics and gave the stock a “buy” rating in a report on Wednesday, November 15th. BidaskClub upgraded Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. ValuEngine upgraded Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price objective (up previously from $20.00) on shares of Sorrento Therapeutics in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $13.67.

In related news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of Sorrento Therapeutics 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 SEC, which is accessible through this hyperlink. Also, major shareholder Abg Management Ltd sold 150,000 shares of Sorrento Therapeutics stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $7.19, for a total value of $1,078,500.00. The disclosure for this sale can be found here. Insiders sold 1,215,009 shares of company stock worth $9,185,885 in the last quarter. 5.00% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Sorrento Therapeutics by 62.8% in the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after acquiring an additional 21,064 shares during the last quarter. Monashee Investment Management LLC acquired a new position in Sorrento Therapeutics in the fourth quarter valued at $119,000. Alambic Investment Management L.P. acquired a new position in Sorrento Therapeutics in the fourth quarter valued at $151,000. Dimensional Fund Advisors LP boosted its holdings in 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 during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Sorrento Therapeutics by 139.0% in the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares during the last quarter. Hedge funds and other institutional investors own 11.93% of the company’s stock.

Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at $6.80 on Friday. Sorrento Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $8.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $539.39, a price-to-earnings ratio of -16.19 and a beta of 1.94.

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

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