-$0.27 EPS Expected for Sorrento Therapeutics Inc (SRNE) This Quarter

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Equities analysts expect that Sorrento Therapeutics Inc (NASDAQ:SRNE) will post earnings of ($0.27) per share for the current quarter, Zacks reports. Three analysts have made estimates for Sorrento Therapeutics’ earnings, with estimates ranging from ($0.40) to ($0.19). Sorrento Therapeutics posted earnings per share of $0.72 in the same quarter last year, which indicates a negative year-over-year growth rate of 137.5%. The firm is expected to announce its next earnings report on Friday, March 22nd.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year earnings of ($1.73) per share for the current fiscal year, with EPS estimates ranging from ($1.92) to ($1.61). For the next fiscal year, analysts forecast that the firm will post earnings of ($1.11) per share, with EPS estimates ranging from ($1.43) to ($0.75). Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow Sorrento Therapeutics.

SRNE has been the subject of several recent analyst reports. HC Wainwright set a $40.00 target price on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, January 23rd. BidaskClub downgraded shares of Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 11th. Zacks Investment Research downgraded shares of Sorrento Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 2nd. ValuEngine cut shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Finally, B. Riley upped their price objective on shares of Sorrento Therapeutics from $10.50 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.67.

Shares of Sorrento Therapeutics stock traded down $0.35 during trading on Wednesday, reaching $3.49. 4,235,652 shares of the company traded hands, compared to its average volume of 1,849,458. The company has a market capitalization of $336.27 million, a PE ratio of 26.85 and a beta of 2.42. The company has a quick ratio of 1.76, a current ratio of 2.91 and a debt-to-equity ratio of 1.08. Sorrento Therapeutics has a 1-year low of $1.80 and a 1-year high of $8.45.

Hedge funds and other institutional investors have recently modified their holdings of the business. AXA grew its position in Sorrento Therapeutics by 310.9% during the third quarter. AXA now owns 290,100 shares of the biopharmaceutical company’s stock valued at $1,276,000 after acquiring an additional 219,500 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Sorrento Therapeutics by 23.7% during the third quarter. BlackRock Inc. now owns 7,470,822 shares of the biopharmaceutical company’s stock valued at $32,871,000 after purchasing an additional 1,429,170 shares during the period. Man Group plc purchased a new stake in shares of Sorrento Therapeutics during the third quarter valued at approximately $1,118,000. MetLife Investment Advisors LLC boosted its stake in shares of Sorrento Therapeutics by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 66,374 shares of the biopharmaceutical company’s stock valued at $292,000 after purchasing an additional 23,595 shares during the period. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Sorrento Therapeutics by 97.5% during the fourth quarter. Virtus ETF Advisers LLC now owns 123,823 shares of the biopharmaceutical company’s stock valued at $297,000 after purchasing an additional 61,132 shares during the period. Institutional investors and hedge funds own 25.64% of the company’s stock.

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. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells.

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