Equities research analysts predict that Sorrento Therapeutics Inc (NASDAQ:SRNE) will post $12.73 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Sorrento Therapeutics’ earnings, with estimates ranging from $5.50 million to $19.96 million. Sorrento Therapeutics reported sales of $4.02 million during the same quarter last year, which indicates a positive year-over-year growth rate of 216.7%. The business is scheduled to report its next earnings results on Tuesday, March 20th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full year sales of $12.73 million for the current financial year, with estimates ranging from $136.90 million to $151.41 million. For the next fiscal year, analysts anticipate that the company will post sales of $24.15 million per share, with estimates ranging from $20.80 million to $27.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Sorrento Therapeutics.
Several brokerages recently issued reports on SRNE. BidaskClub raised shares of Sorrento Therapeutics from a “hold” rating to a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Sorrento Therapeutics in a report on Thursday, February 1st. ValuEngine raised shares of Sorrento Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 3rd. Finally, Oppenheimer reissued a “buy” rating and set a $9.00 price objective on shares of Sorrento Therapeutics in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $15.00.
In other Sorrento Therapeutics news, major shareholder Pacific Medtech (Bvi) Ltd Asia sold 684,288 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $7.56, for a total value of $5,173,217.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider George K. Ng bought 90,000 shares of the stock in a transaction 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 completion of the purchase, the insider now owns 1,906,177 shares of the company’s stock, valued at $18,966,461.15. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,215,009 shares of company stock worth $9,185,885. 5.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Sorrento Therapeutics by 25.3% in the second quarter. Vanguard Group Inc. now owns 1,930,524 shares of the biopharmaceutical company’s stock valued at $3,861,000 after acquiring an additional 389,258 shares in the last quarter. Millennium Management LLC boosted its stake in Sorrento Therapeutics by 127.3% in the fourth quarter. Millennium Management LLC now owns 1,256,154 shares of the biopharmaceutical company’s stock valued at $4,773,000 after acquiring an additional 703,505 shares in the last quarter. BlackRock Inc. boosted its stake in Sorrento Therapeutics by 45.0% in the fourth quarter. BlackRock Inc. now owns 968,284 shares of the biopharmaceutical company’s stock valued at $3,680,000 after acquiring an additional 300,518 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Sorrento Therapeutics by 139.0% in the third quarter. JPMorgan Chase & Co. now owns 76,169 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 44,294 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Sorrento Therapeutics by 62.8% in the fourth quarter. Bank of New York Mellon Corp now owns 54,598 shares of the biopharmaceutical company’s stock valued at $207,000 after acquiring an additional 21,064 shares in the last quarter. Institutional investors own 12.24% of the company’s stock.
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Sorrento Therapeutics Company Profile
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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