Analysts expect Sorrento Therapeutics Inc (NASDAQ:SRNE) to report sales of $12.80 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Sorrento Therapeutics’ earnings. The highest sales estimate is $20.10 million and the lowest is $5.50 million. Sorrento Therapeutics posted sales of $4.02 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 218.4%. The business is scheduled to report its next quarterly earnings results on Tuesday, March 20th.

On average, analysts expect that Sorrento Therapeutics will report full year sales of $12.80 million for the current year, with estimates ranging from $136.90 million to $151.40 million. For the next fiscal year, analysts anticipate that the business will report sales of $25.35 million per share, with estimates ranging from $23.20 million to $27.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Sorrento Therapeutics.

SRNE has been the subject of several research reports. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Sorrento Therapeutics in a research note on Thursday, February 1st. Oppenheimer reissued a “buy” rating and issued a $9.00 target price on shares of Sorrento Therapeutics in a research note on Friday, January 19th. BidaskClub raised Sorrento Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, January 6th. Finally, ValuEngine raised Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.67.

In related news, major shareholder Abg Management Ltd sold 70,721 shares of Sorrento Therapeutics stock in a transaction on Monday, February 5th. The stock was sold at an average price of $8.00, for a total transaction of $565,768.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of Sorrento Therapeutics stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $7.56, for a total value of $5,173,217.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,215,009 shares of company stock valued at $9,185,885. 5.00% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of Sorrento Therapeutics by 62.8% during the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock worth $207,000 after purchasing an additional 21,064 shares during the period. Monashee Investment Management LLC acquired a new stake in shares of Sorrento Therapeutics during the fourth quarter worth $119,000. Alambic Investment Management L.P. acquired a new stake in shares of Sorrento Therapeutics during the fourth quarter worth $151,000. Dimensional Fund Advisors LP grew its stake in shares of Sorrento Therapeutics by 408.4% during the second quarter. Dimensional Fund Advisors LP now owns 51,889 shares of the biopharmaceutical company’s stock worth $104,000 after purchasing an additional 41,683 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Sorrento Therapeutics by 139.0% during the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 44,294 shares during the period. 11.98% of the stock is owned by institutional investors and hedge funds.

Shares of Sorrento Therapeutics (NASDAQ SRNE) opened at $7.10 on Tuesday. Sorrento Therapeutics has a 52 week low of $1.50 and a 52 week high of $8.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.18.

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About Sorrento Therapeutics

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

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