Equities analysts predict that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will report $5.79 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Sorrento Therapeutics’ earnings, with the highest EPS estimate coming in at $11.71 and the lowest estimate coming in at ($0.13). Sorrento Therapeutics posted earnings of ($0.41) per share during the same quarter last year, which would indicate a positive year over year growth rate of 1,512.2%. The business is scheduled to announce its next earnings report on Monday, March 1st.
According to Zacks, analysts expect that Sorrento Therapeutics will report full-year earnings of $10.75 per share for the current financial year. For the next year, analysts expect that the firm will report earnings of $3.45 per share, with EPS estimates ranging from $0.22 to $6.67. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that follow Sorrento Therapeutics.
Sorrento Therapeutics (NASDAQ:SRNE) last announced its quarterly earnings results on Friday, November 6th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.08). The firm had revenue of $11.75 million during the quarter, compared to analyst estimates of $10.32 million. Sorrento Therapeutics had a negative net margin of 760.19% and a negative return on equity of 490.67%.
Shares of NASDAQ SRNE traded up $0.17 during mid-day trading on Monday, reaching $7.44. 55,404 shares of the company were exchanged, compared to its average volume of 8,408,741. The company’s 50-day simple moving average is $7.53 and its 200-day simple moving average is $8.42. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $1.96 billion, a P/E ratio of -4.46 and a beta of 2.61. Sorrento Therapeutics has a twelve month low of $1.55 and a twelve month high of $19.39.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Sorrento Therapeutics by 48.7% in the second quarter. Vanguard Group Inc. now owns 9,768,037 shares of the biopharmaceutical company’s stock valued at $61,344,000 after acquiring an additional 3,200,338 shares during the period. BlackRock Inc. increased its stake in Sorrento Therapeutics by 19.8% in the third quarter. BlackRock Inc. now owns 15,016,558 shares of the biopharmaceutical company’s stock valued at $167,434,000 after acquiring an additional 2,477,505 shares during the period. Morgan Stanley increased its stake in Sorrento Therapeutics by 206.8% in the third quarter. Morgan Stanley now owns 2,742,494 shares of the biopharmaceutical company’s stock valued at $30,580,000 after acquiring an additional 1,848,618 shares during the period. State Street Corp boosted its position in Sorrento Therapeutics by 17.2% in the third quarter. State Street Corp now owns 11,708,587 shares of the biopharmaceutical company’s stock valued at $130,551,000 after buying an additional 1,718,072 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Sorrento Therapeutics by 209.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,370,069 shares of the biopharmaceutical company’s stock valued at $15,277,000 after buying an additional 927,446 shares in the last quarter. 24.09% of the stock is currently owned by hedge funds and other institutional investors.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc, a clinical stage biopharma company, develops therapies for cancer, autoimmune, inflammatory, and neurodegenerative diseases. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutics by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugates, as well as bispecific antibody approaches.
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