Analysts forecast that Sorrento Therapeutics Inc (NASDAQ:SRNE) will report sales of $12.80 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Sorrento Therapeutics’ earnings, with estimates ranging from $5.50 million to $20.10 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 218.4%. The firm is scheduled to report its next earnings report on Tuesday, March 20th.
On average, analysts expect that Sorrento Therapeutics will report full year sales of $12.80 million for the current fiscal year, with estimates ranging from $136.90 million to $151.40 million. For the next fiscal year, analysts expect that the firm will report sales of $25.35 million per share, with estimates ranging from $23.20 million to $27.50 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Sorrento Therapeutics.
SRNE has been the topic of several research reports. Oppenheimer set a $6.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Wednesday, November 15th. BidaskClub raised Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price (up previously from $20.00) on shares of Sorrento Therapeutics in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $13.67.
In related news, major shareholder Abg Management Ltd sold 70,721 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $8.00, for a total value of $565,768.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total value of $5,173,217.28. 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 ninety days. 5.00% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of 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 buying an additional 21,064 shares during the period. Monashee Investment Management LLC bought a new stake in shares of Sorrento Therapeutics in the fourth quarter valued at approximately $119,000. Alambic Investment Management L.P. bought a new stake in shares of Sorrento Therapeutics in the fourth quarter valued at approximately $151,000. Dimensional Fund Advisors LP boosted 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 buying an additional 41,683 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of 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 buying an additional 44,294 shares during the period. Institutional investors and hedge funds own 11.98% of the company’s stock.
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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.
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