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.
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