Equities research analysts expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) to post $17.25 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Sorrento Therapeutics' earnings, with estimates ranging from $8.36 million to $22.20 million. Sorrento Therapeutics posted sales of $7.72 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 123.4%. The firm is expected to announce its next quarterly earnings report on Monday, May 10th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full-year sales of $852.30 million for the current financial year, with estimates ranging from $99.89 million to $3.01 billion. For the next financial year, analysts forecast that the firm will post sales of $1.10 billion, with estimates ranging from $298.91 million to $2.01 billion. Zacks' sales averages are an average based on a survey of sell-side analysts that that provide coverage for Sorrento Therapeutics.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Friday, February 19th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the Zacks' consensus estimate of ($0.22) by ($0.05). Sorrento Therapeutics had a negative net margin of 698.01% and a negative return on equity of 314.06%. The company had revenue of $11.51 million during the quarter, compared to analyst estimates of $1.01 billion.
SRNE has been the subject of a number of recent research reports. Alliance Global Partners initiated coverage on shares of Sorrento Therapeutics in a report on Thursday, January 21st. They issued a "buy" rating and a $35.00 price objective for the company. B. Riley initiated coverage on shares of Sorrento Therapeutics in a report on Friday, January 29th. They issued a "buy" rating and a $26.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of "Buy" and a consensus price target of $24.80.
Institutional investors have recently modified their holdings of the company. Perigon Wealth Management LLC bought a new stake in shares of Sorrento Therapeutics during the 4th quarter worth approximately $29,000. International Assets Investment Management LLC bought a new stake in shares of Sorrento Therapeutics during the 4th quarter worth approximately $30,000. Baillie Gifford & Co. bought a new stake in shares of Sorrento Therapeutics during the 4th quarter worth approximately $35,000. Meeder Asset Management Inc. bought a new stake in shares of Sorrento Therapeutics during the 1st quarter worth approximately $55,000. Finally, Wealthcare Advisory Partners LLC bought a new stake in shares of Sorrento Therapeutics during the 1st quarter worth approximately $66,000. 27.43% of the stock is owned by institutional investors.
Shares of SRNE opened at $7.32 on Thursday. Sorrento Therapeutics has a 52 week low of $2.35 and a 52 week high of $19.39. The firm has a market cap of $2.09 billion, a P/E ratio of -5.01 and a beta of 2.70. The firm's 50-day simple moving average is $8.16 and its 200 day simple moving average is $8.88. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.13 and a current ratio of 1.15.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc, a clinical stage and commercial biopharmaceutical company, develops therapies for cancer, autoimmune, inflammatory, viral, 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; and Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system.
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