S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
pixel
S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
pixel
S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
pixel
S&P 500   3,841.47
DOW   30,996.98
QQQ   325.42
pixel
Log in

Zacks: Brokerages Expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Will Post Quarterly Sales of $2.02 Billion

Wednesday, January 13, 2021 | MarketBeat

Equities research analysts expect that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will announce sales of $2.02 billion for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Sorrento Therapeutics' earnings, with estimates ranging from $31.41 million to $4.01 billion. Sorrento Therapeutics reported sales of $13.03 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 15,402.7%. The firm is expected to report its next quarterly earnings results on Monday, March 1st.

On average, analysts expect that Sorrento Therapeutics will report full year sales of $2.05 billion for the current fiscal year, with estimates ranging from $58.66 million to $4.04 billion. For the next fiscal year, analysts anticipate that the business will post sales of $1.68 billion, with estimates ranging from $344.53 million to $3.01 billion. Zacks' sales averages are an average based on a survey of sell-side research firms that cover Sorrento Therapeutics.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Friday, November 6th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of ($0.25) by ($0.08). The company had revenue of $11.75 million during the quarter, compared to analysts' expectations of $10.32 million. Sorrento Therapeutics had a negative net margin of 760.19% and a negative return on equity of 490.67%.

Several analysts have commented on the stock. BidaskClub lowered shares of Sorrento Therapeutics from a "hold" rating to a "sell" rating in a research report on Thursday, December 31st. Zacks Investment Research upgraded shares of Sorrento Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, December 11th. Finally, ValuEngine downgraded shares of Sorrento Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Monday, November 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company's stock. The stock has an average rating of "Hold" and a consensus target price of $21.00.

Shares of SRNE stock opened at $7.44 on Wednesday. The stock's 50-day moving average is $7.52 and its 200 day moving average is $8.41. Sorrento Therapeutics has a 1-year low of $1.55 and a 1-year high of $19.39. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.60 and a quick ratio of 0.58. The company has a market cap of $1.96 billion, a P/E ratio of -4.56 and a beta of 2.61.

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Sorrento Therapeutics by 48.7% in the 2nd quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company's stock valued at $61,344,000 after purchasing an additional 3,200,338 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Sorrento Therapeutics by 19.8% in the third quarter. BlackRock Inc. now owns 15,016,558 shares of the biopharmaceutical company's stock worth $167,434,000 after buying an additional 2,477,505 shares during the last quarter. Morgan Stanley raised its holdings in shares of Sorrento Therapeutics by 206.8% in the third quarter. Morgan Stanley now owns 2,742,494 shares of the biopharmaceutical company's stock worth $30,580,000 after buying an additional 1,848,618 shares during the last quarter. State Street Corp grew its holdings in shares of Sorrento Therapeutics by 17.2% during the third quarter. State Street Corp now owns 11,708,587 shares of the biopharmaceutical company's stock valued at $130,551,000 after buying an additional 1,718,072 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Sorrento Therapeutics by 209.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,370,069 shares of the biopharmaceutical company's stock valued at $15,277,000 after acquiring an additional 927,446 shares during the period. Hedge funds and other institutional investors own 24.09% of the company's stock.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc, a clinical stage biopharma company, develops therapies for cancer, autoimmune, inflammatory, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutics by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugates, as well as bispecific antibody approaches.

Read More: How is the Producer Price Index calculated?

Get a free copy of the Zacks research report on Sorrento Therapeutics (SRNE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]


10 Cheap Dividend Stocks to Buy Today

While COVID-19 was a sucker-punch to the stock market earlier in the year, the stock market is roaring back.  The Dow now over 30,000, and the S&P 500 is trading above 3,700. S&P 500 stocks are trading at nearly 23 times their annual earnings, still well above historical norms.

At the same time, interest rates are near all-time lows (and probably dipping even lower). 10-year Treasuries are yielding just 0.9%, and collectively S&P 500 stocks are yielding under 2%. Some investors think that it's too challenging to find safe and affordable securities that pay 4%, 5%, and even 6% yields.

Searching for yield isn't easy in an environment where historically high asset prices and stimulus from the Fed have driven down yields. This doesn't leave many options for investors looking for retirement income or a decent dividend yield on their stocks, but there are a handful of cheap dividend stocks to buy that are still yielding 3-6%. 

Let's review some of the best cheap dividend stocks in the market today in this slideshow.

View the "10 Cheap Dividend Stocks to Buy Today".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.