Zacks: Analysts Expect Sorrento Therapeutics Inc (SRNE) to Post -$0.27 EPS

Brokerages expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to announce earnings of ($0.27) per share for the current quarter, according to Zacks. Three analysts have provided estimates for Sorrento Therapeutics’ earnings, with the lowest EPS estimate coming in at ($0.40) and the highest estimate coming in at ($0.19). Sorrento Therapeutics reported earnings of $0.72 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 137.5%. The business is expected to report its next quarterly earnings results on Friday, March 15th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year earnings of ($1.73) per share for the current year, with EPS estimates ranging from ($1.92) to ($1.61). For the next fiscal year, analysts expect that the business will post earnings of ($0.93) per share, with EPS estimates ranging from ($1.16) to ($0.75). Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Sorrento Therapeutics.

A number of equities research analysts have recently weighed in on the stock. ValuEngine downgraded shares of Sorrento Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. BidaskClub upgraded shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Friday, December 28th. HC Wainwright set a $20.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research report on Thursday, December 20th. Finally, Oppenheimer set a $10.00 price target on shares of Sorrento Therapeutics and gave the company a “buy” rating in a research report on Monday, November 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.75.

A number of institutional investors and hedge funds have recently made changes to their positions in SRNE. BlackRock Inc. grew its stake in shares of Sorrento Therapeutics by 23.7% in the third quarter. BlackRock Inc. now owns 7,470,822 shares of the biopharmaceutical company’s stock worth $32,871,000 after purchasing an additional 1,429,170 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Sorrento Therapeutics by 20.6% during the third quarter. Vanguard Group Inc. now owns 5,421,877 shares of the biopharmaceutical company’s stock valued at $23,856,000 after purchasing an additional 925,542 shares during the period. Vanguard Group Inc raised its holdings in shares of Sorrento Therapeutics by 20.6% during the third quarter. Vanguard Group Inc now owns 5,421,877 shares of the biopharmaceutical company’s stock valued at $23,856,000 after purchasing an additional 925,542 shares during the period. Northern Trust Corp raised its holdings in shares of Sorrento Therapeutics by 542.9% during the second quarter. Northern Trust Corp now owns 1,003,650 shares of the biopharmaceutical company’s stock valued at $7,226,000 after purchasing an additional 847,548 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Sorrento Therapeutics by 171.6% during the second quarter. Bank of America Corp DE now owns 442,632 shares of the biopharmaceutical company’s stock valued at $3,187,000 after purchasing an additional 279,677 shares during the period. Institutional investors and hedge funds own 27.11% of the company’s stock.

NASDAQ SRNE opened at $2.47 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.76 and a quick ratio of 1.76. Sorrento Therapeutics has a 1-year low of $1.95 and a 1-year high of $10.65. The company has a market capitalization of $311.80 million, a PE ratio of 19.00 and a beta of 2.75.

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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