Brokerages Expect Sorrento Therapeutics Inc (SRNE) Will Post Earnings of -$0.35 Per Share

Wall Street brokerages expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to announce ($0.35) earnings per share for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Sorrento Therapeutics’ earnings. The highest EPS estimate is ($0.32) and the lowest is ($0.39). Sorrento Therapeutics posted earnings of ($0.38) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 7.9%. The company is scheduled to report its next quarterly earnings results on Thursday, May 9th.

On average, analysts expect that Sorrento Therapeutics will report full year earnings of ($1.31) per share for the current year, with EPS estimates ranging from ($1.43) to ($1.17). For the next financial year, analysts expect that the business will report earnings of ($0.80) per share, with EPS estimates ranging from ($0.88) to ($0.71). Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Sorrento Therapeutics.

Several equities research analysts have weighed in on SRNE shares. BidaskClub downgraded Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 3rd. ValuEngine downgraded Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. HC Wainwright set a $40.00 price target on Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Friday, March 22nd. Zacks Investment Research downgraded Sorrento Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 2nd. Finally, B. Riley increased their price target on Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Sorrento Therapeutics has a consensus rating of “Hold” and a consensus price target of $20.67.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Sorrento Therapeutics by 1.3% in the 4th quarter. BlackRock Inc. now owns 7,566,238 shares of the biopharmaceutical company’s stock worth $18,158,000 after buying an additional 95,416 shares during the last quarter. Vanguard Group Inc lifted its stake in Sorrento Therapeutics by 20.6% in the 3rd quarter. Vanguard Group Inc now owns 5,421,877 shares of the biopharmaceutical company’s stock worth $23,856,000 after purchasing an additional 925,542 shares in the last quarter. Vanguard Group Inc. lifted its stake in Sorrento Therapeutics by 20.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,421,877 shares of the biopharmaceutical company’s stock worth $23,856,000 after purchasing an additional 925,542 shares in the last quarter. Geode Capital Management LLC lifted its stake in Sorrento Therapeutics by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock worth $2,522,000 after purchasing an additional 60,260 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Sorrento Therapeutics by 136.1% in the 4th quarter. Deutsche Bank AG now owns 947,581 shares of the biopharmaceutical company’s stock worth $2,273,000 after purchasing an additional 546,298 shares in the last quarter. 25.64% of the stock is currently owned by institutional investors.

SRNE stock traded down $0.10 during midday trading on Friday, reaching $3.96. The stock had a trading volume of 10,250 shares, compared to its average volume of 5,629,129. The firm has a market capitalization of $496.46 million, a price-to-earnings ratio of 30.75 and a beta of 2.64. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.91 and a quick ratio of 2.91. Sorrento Therapeutics has a 52-week low of $1.80 and a 52-week high of $8.25.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc, a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. It offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia.

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

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