Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Expected to Announce Quarterly Sales of $17.83 Million

Analysts predict that Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) will post $17.83 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Sorrento Therapeutics’ earnings. The highest sales estimate is $21.12 million and the lowest is $14.54 million. Sorrento Therapeutics posted sales of $14.26 million in the same quarter last year, which suggests a positive year-over-year growth rate of 25%. The company is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Sorrento Therapeutics will report full-year sales of $106.17 million for the current year, with estimates ranging from $75.78 million to $136.55 million. For the next financial year, analysts expect that the company will post sales of $5.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Sorrento Therapeutics.

SRNE has been the subject of several recent research reports. HC Wainwright decreased their price target on shares of Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 25th. StockNews.com cut shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 21st. Finally, Zacks Investment Research raised shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, May 19th.

A number of hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in Sorrento Therapeutics by 132.7% during the 1st quarter. State Street Corp now owns 33,960,884 shares of the biopharmaceutical company’s stock valued at $79,129,000 after purchasing an additional 19,365,130 shares in the last quarter. UBS Group AG boosted its stake in Sorrento Therapeutics by 192.2% during the 1st quarter. UBS Group AG now owns 2,480,761 shares of the biopharmaceutical company’s stock valued at $5,780,000 after acquiring an additional 1,631,874 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Sorrento Therapeutics by 149.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,577,066 shares of the biopharmaceutical company’s stock worth $3,675,000 after buying an additional 944,285 shares during the last quarter. Norges Bank bought a new position in shares of Sorrento Therapeutics in the 4th quarter worth about $4,317,000. Finally, BlackRock Inc. lifted its position in shares of Sorrento Therapeutics by 4.4% in the 4th quarter. BlackRock Inc. now owns 21,775,865 shares of the biopharmaceutical company’s stock worth $101,258,000 after buying an additional 908,194 shares during the last quarter. 27.04% of the stock is owned by hedge funds and other institutional investors.

Sorrento Therapeutics stock opened at $1.71 on Monday. Sorrento Therapeutics has a fifty-two week low of $1.15 and a fifty-two week high of $11.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.55 and a current ratio of 1.62. The firm has a 50 day moving average price of $1.75 and a 200 day moving average price of $3.24. The company has a market capitalization of $665.10 million, a PE ratio of -1.39 and a beta of 2.43.

About Sorrento Therapeutics (Get Rating)

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 therapeutic 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 conjugate, as well as bispecific antibody approach; and Sofusa, a drug delivery technology that deliver biologic directly into the lymphatic system.

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