Brokerages Expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) Will Announce Earnings of -$0.25 Per Share

Analysts expect Sorrento Therapeutics, Inc. (NASDAQ:SRNEGet Rating) to report earnings per share (EPS) of ($0.25) for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Sorrento Therapeutics’ earnings. The lowest EPS estimate is ($0.28) and the highest is ($0.22). Sorrento Therapeutics posted earnings of $0.01 per share in the same quarter last year, which indicates a negative year over year growth rate of 2,600%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year earnings of ($0.97) per share for the current fiscal year, with EPS estimates ranging from ($1.24) to ($0.69). For the next year, analysts expect that the business will post earnings of $9.48 per share. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Sorrento Therapeutics.

SRNE has been the subject of a number of analyst reports. HC Wainwright lowered their target price on shares of Sorrento Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 25th. Zacks Investment Research lowered shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, March 30th. Finally, StockNews.com raised shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a report on Friday.

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System grew its position in Sorrento Therapeutics by 2.7% in the third quarter. Arizona State Retirement System now owns 74,376 shares of the biopharmaceutical company’s stock valued at $567,000 after purchasing an additional 1,986 shares in the last quarter. Wedbush Securities Inc. increased its position in Sorrento Therapeutics by 16.1% during the fourth quarter. Wedbush Securities Inc. now owns 18,000 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 2,500 shares during the last quarter. Laidlaw Wealth Management LLC raised its stake in Sorrento Therapeutics by 18.5% in the third quarter. Laidlaw Wealth Management LLC now owns 19,180 shares of the biopharmaceutical company’s stock valued at $146,000 after buying an additional 3,000 shares during the period. Principal Financial Group Inc. lifted its position in shares of Sorrento Therapeutics by 3.3% in the third quarter. Principal Financial Group Inc. now owns 110,712 shares of the biopharmaceutical company’s stock valued at $845,000 after buying an additional 3,575 shares during the last quarter. Finally, Centaurus Financial Inc. boosted its stake in shares of Sorrento Therapeutics by 16.1% during the 3rd quarter. Centaurus Financial Inc. now owns 29,535 shares of the biopharmaceutical company’s stock worth $225,000 after acquiring an additional 4,100 shares during the period. Institutional investors own 27.04% of the company’s stock.

SRNE traded up $0.13 during trading on Friday, reaching $1.43. 8,150,491 shares of the company’s stock were exchanged, compared to its average volume of 9,367,273. The company’s fifty day moving average price is $1.99 and its 200-day moving average price is $3.81. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.18 and a current ratio of 1.24. Sorrento Therapeutics has a fifty-two week low of $1.15 and a fifty-two week high of $11.07. The firm has a market capitalization of $556.20 million, a PE ratio of -1.16 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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