Wall Street analysts forecast that Sorrento Therapeutics Inc (NASDAQ:SRNE) will post $3.51 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Sorrento Therapeutics’ earnings. The lowest sales estimate is $2.51 million and the highest is $4.15 million. Sorrento Therapeutics reported sales of $20.41 million during the same quarter last year, which indicates a negative year over year growth rate of 82.8%. The company is expected to announce its next quarterly earnings report on Friday, March 29th.

According to Zacks, analysts expect that Sorrento Therapeutics will report full-year sales of $17.77 million for the current fiscal year, with estimates ranging from $16.77 million to $18.41 million. For the next year, analysts forecast that the firm will post sales of $40.33 million, with estimates ranging from $25.06 million to $48.91 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Sorrento Therapeutics.

Several equities research analysts have commented on SRNE shares. HC Wainwright set a $40.00 price target on shares of Sorrento Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, January 23rd. BidaskClub cut Sorrento Therapeutics from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 22nd. ValuEngine cut Sorrento Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, B. Riley lifted their target price on Sorrento Therapeutics from $10.50 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Sorrento Therapeutics currently has an average rating of “Hold” and a consensus target price of $20.67.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SRNE. Geode Capital Management LLC boosted its position in Sorrento Therapeutics by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 1,050,880 shares of the biopharmaceutical company’s stock valued at $2,522,000 after acquiring an additional 60,260 shares in the last quarter. Amalgamated Bank purchased a new stake in Sorrento Therapeutics during the 4th quarter valued at $35,000. Metropolitan Life Insurance Co. NY increased its stake in shares of Sorrento Therapeutics by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 30,211 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 23,595 shares in the last quarter. Paloma Partners Management Co bought a new position in Sorrento Therapeutics in the 4th quarter worth $34,000. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Sorrento Therapeutics by 0.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 894,000 shares of the biopharmaceutical company’s stock valued at $2,145,000 after purchasing an additional 7,384 shares during the last quarter. Institutional investors and hedge funds own 25.64% of the company’s stock.

Shares of SRNE traded down $0.43 during midday trading on Friday, hitting $4.71. 7,801,700 shares of the stock traded hands, compared to its average volume of 2,794,369. Sorrento Therapeutics has a 1-year low of $1.80 and a 1-year high of $8.25. The company has a market cap of $628.52 million, a price-to-earnings ratio of 36.23 and a beta of 2.42. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.91 and a current ratio of 2.91.

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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