Wall Street brokerages predict that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will report sales of $4.40 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Sorrento Therapeutics’ earnings. The highest sales estimate is $4.87 million and the lowest is $3.92 million. Sorrento Therapeutics posted sales of $900,000.00 during the same quarter last year, which would indicate a positive year-over-year growth rate of 388.9%. The business is expected to report its next earnings report on Monday, August 14th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $4.40 million for the current fiscal year, with estimates ranging from $16.93 million to $19.50 million. For the next fiscal year, analysts anticipate that the firm will post sales of $18.23 million per share, with estimates ranging from $13.05 million to $23.40 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Sorrento Therapeutics.
SRNE has been the subject of several research analyst reports. FBR & Co reiterated a “buy” rating on shares of Sorrento Therapeutics in a research note on Tuesday, April 4th. HC Wainwright set a $20.00 target price on Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Monday, May 22nd. Finally, Rodman & Renshaw reduced their target price on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 22nd. Five equities research analysts have rated the stock with a buy rating, Sorrento Therapeutics currently has an average rating of “Buy” and a consensus price target of $16.00.
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Sorrento Therapeutics (NASDAQ:SRNE) traded down 2.50% during midday trading on Friday, hitting $1.95. The stock had a trading volume of 502,245 shares. Sorrento Therapeutics has a 1-year low of $1.50 and a 1-year high of $8.35. The firm has a 50-day moving average price of $1.94 and a 200-day moving average price of $3.13. The firm’s market capitalization is $146.85 million.
In other news, insider Henry Ji purchased 29,001 shares of Sorrento Therapeutics stock in a transaction that occurred on Thursday, June 15th. The stock was acquired at an average cost of $1.81 per share, for a total transaction of $52,491.81. Following the purchase, the insider now directly owns 139,776 shares of the company’s stock, valued at approximately $252,994.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. KCG Holdings Inc. purchased a new stake in Sorrento Therapeutics during the first quarter valued at about $108,000. Crow Point Partners LLC purchased a new stake in Sorrento Therapeutics during the second quarter valued at about $200,000. Teachers Advisors LLC increased its stake in Sorrento Therapeutics by 10.8% in the fourth quarter. Teachers Advisors LLC now owns 41,908 shares of the biopharmaceutical company’s stock valued at $205,000 after buying an additional 4,099 shares during the period. FMR LLC purchased a new stake in Sorrento Therapeutics during the first quarter valued at about $430,000. Finally, Bank of America Corp DE increased its stake in Sorrento Therapeutics by 2.0% in the first quarter. Bank of America Corp DE now owns 152,179 shares of the biopharmaceutical company’s stock valued at $601,000 after buying an additional 3,057 shares during the period. Institutional investors and hedge funds own 17.51% of the company’s stock.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.
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