$17.40 Million in Sales Expected for Sorrento Therapeutics, Inc. (NASDAQ:SRNE) This Quarter

Equities research analysts expect that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will post $17.40 million in sales for the current quarter, Zacks Investment Research reports. 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 in the same quarter last year, which indicates a positive year over year growth rate of 93.1%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, August 3rd.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $842.44 million for the current financial year, with estimates ranging from $78.49 million to $3.00 billion. For the next fiscal year, analysts expect that the business will report sales of $1.09 billion, with estimates ranging from $276.91 million to $2.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Sorrento Therapeutics.

Sorrento Therapeutics (NASDAQ:SRNE) last announced its earnings results on Wednesday, May 5th. The biopharmaceutical company reported $0.01 EPS 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 business had revenue of $14.26 million for the quarter, compared to analyst estimates of $17.25 million.

A number of institutional investors and hedge funds have recently made changes to their positions in SRNE. BlackRock Inc. boosted its holdings in Sorrento Therapeutics by 17.3% during the fourth quarter. BlackRock Inc. now owns 17,619,678 shares of the biopharmaceutical company’s stock worth $120,253,000 after purchasing an additional 2,603,120 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Sorrento Therapeutics by 74.9% during the first quarter. JPMorgan Chase & Co. now owns 2,383,287 shares of the biopharmaceutical company’s stock worth $19,709,000 after purchasing an additional 1,020,991 shares during the last quarter. Schroder Investment Management Group acquired a new position in Sorrento Therapeutics during the first quarter worth $3,567,000. Geode Capital Management LLC boosted its holdings in Sorrento Therapeutics by 11.7% during the first quarter. Geode Capital Management LLC now owns 4,054,313 shares of the biopharmaceutical company’s stock worth $33,529,000 after purchasing an additional 423,072 shares during the last quarter. Finally, STA Wealth Management LLC raised its position in Sorrento Therapeutics by 250.0% during the fourth quarter. STA Wealth Management LLC now owns 577,500 shares of the biopharmaceutical company’s stock worth $3,941,000 after acquiring an additional 412,500 shares in the last quarter. Institutional investors and hedge funds own 27.02% of the company’s stock.

Shares of SRNE opened at $8.73 on Friday. Sorrento Therapeutics has a 12 month low of $4.31 and a 12 month high of $19.39. The stock’s fifty day simple moving average is $7.60. The firm has a market capitalization of $2.51 billion, a PE ratio of -9.19 and a beta of 2.36. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.77 and a quick ratio of 2.75.

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

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