Sorrento Therapeutics (SRNE) Expected to Announce Earnings of -$0.17 Per Share

Wall Street brokerages predict that Sorrento Therapeutics (NASDAQ:SRNE) will announce ($0.17) earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Sorrento Therapeutics’ earnings, with estimates ranging from ($0.17) to ($0.16). Sorrento Therapeutics posted earnings of ($0.45) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 62.2%. The business is expected to announce its next quarterly earnings results on Monday, May 28th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full year earnings of ($0.93) per share for the current year, with EPS estimates ranging from ($0.97) to ($0.88). For the next year, analysts expect that the firm will report earnings of ($0.60) per share, with EPS estimates ranging from ($0.68) to ($0.52). Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Sorrento Therapeutics.

Several research analysts have recently issued reports on SRNE shares. HC Wainwright lifted their price target on Sorrento Therapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. BidaskClub raised shares of Sorrento Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 17th. TheStreet raised shares of Sorrento Therapeutics from a “d” rating to a “c-” rating in a research note on Friday, April 13th. Finally, ValuEngine raised shares of Sorrento Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, April 4th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $15.75.



In other news, insider George K. Ng bought 90,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average price of $9.95 per share, with a total value of $895,500.00. Following the purchase, the insider now owns 1,906,177 shares of the company’s stock, valued at approximately $18,966,461.15. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.00% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SRNE. Millennium Management LLC increased its stake in shares of Sorrento Therapeutics by 14.2% during the 1st quarter. Millennium Management LLC now owns 1,434,670 shares of the biopharmaceutical company’s stock valued at $7,389,000 after acquiring an additional 178,516 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Sorrento Therapeutics during the 1st quarter valued at about $122,000. Element Capital Management LLC acquired a new position in shares of Sorrento Therapeutics during the 1st quarter valued at about $354,000. A.R.T. Advisors LLC acquired a new position in shares of Sorrento Therapeutics during the 1st quarter valued at about $1,372,000. Finally, UBS Group AG increased its stake in shares of Sorrento Therapeutics by 1,804.6% during the 1st quarter. UBS Group AG now owns 442,058 shares of the biopharmaceutical company’s stock valued at $2,276,000 after acquiring an additional 418,848 shares during the last quarter. 25.01% of the stock is owned by hedge funds and other institutional investors.

Sorrento Therapeutics opened at $7.85 on Thursday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.71 and a current ratio of 0.71. Sorrento Therapeutics has a 52-week low of $1.50 and a 52-week high of $10.65.

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

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