Brokerages predict that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will post $17.40 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Sorrento Therapeutics' earnings. The lowest sales estimate is $10.77 million and the highest is $24.42 million. Sorrento Therapeutics reported sales of $9.01 million during the same quarter last year, which would suggest a positive year over year growth rate of 93.1%. The business is expected to issue its next earnings report on Tuesday, August 3rd.
On average, analysts expect that Sorrento Therapeutics will report full year sales of $842.44 million for the current year, with estimates ranging from $78.49 million to $3.00 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.09 billion, with estimates ranging from $276.91 million to $2.00 billion. Zacks' sales averages are a mean average based on a survey of research analysts that follow Sorrento Therapeutics.
Sorrento Therapeutics (NASDAQ:SRNE) last issued its earnings results on Wednesday, May 5th. The biopharmaceutical company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of $0.24 by ($0.23). Sorrento Therapeutics had a negative return on equity of 133.68% and a negative net margin of 496.04%. The firm had revenue of $14.26 million during the quarter, compared to analysts' expectations of $17.25 million.
Shares of SRNE stock opened at $8.73 on Friday. The stock has a market cap of $2.51 billion, a PE ratio of -9.19 and a beta of 2.36. The company has a quick ratio of 2.75, a current ratio of 2.77 and a debt-to-equity ratio of 0.35. Sorrento Therapeutics has a twelve month low of $4.31 and a twelve month high of $19.39. The stock has a fifty day moving average price of $7.60.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SRNE. BlackRock Inc. raised its position in shares of Sorrento Therapeutics by 17.3% in the 4th quarter. BlackRock Inc. now owns 17,619,678 shares of the biopharmaceutical company's stock worth $120,253,000 after acquiring an additional 2,603,120 shares in the last quarter. JPMorgan Chase & Co. increased its position in Sorrento Therapeutics by 74.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,383,287 shares of the biopharmaceutical company's stock valued at $19,709,000 after buying an additional 1,020,991 shares in the last quarter. Schroder Investment Management Group acquired a new position in Sorrento Therapeutics during the 1st quarter valued at about $3,567,000. Geode Capital Management LLC increased its position in Sorrento Therapeutics by 11.7% during the 1st quarter. Geode Capital Management LLC now owns 4,054,313 shares of the biopharmaceutical company's stock valued at $33,529,000 after buying an additional 423,072 shares in the last quarter. Finally, STA Wealth Management LLC increased its position in Sorrento Therapeutics by 250.0% during the 4th quarter. STA Wealth Management LLC now owns 577,500 shares of the biopharmaceutical company's stock valued at $3,941,000 after buying an additional 412,500 shares in the last quarter. 27.02% of the stock is owned by hedge funds and other institutional investors.
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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