Brokerages expect Sorrento Therapeutics, Inc. (NASDAQ:SRNE) to post earnings per share (EPS) of ($0.21) for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Sorrento Therapeutics’ earnings, with the highest EPS estimate coming in at ($0.17) and the lowest estimate coming in at ($0.29). Sorrento Therapeutics reported earnings per share of ($0.33) during the same quarter last year, which would suggest a positive year-over-year growth rate of 36.4%. The firm is expected to announce its next earnings report on Friday, November 5th.
According to Zacks, analysts expect that Sorrento Therapeutics will report full-year earnings of ($0.90) per share for the current financial year, with EPS estimates ranging from ($1.13) to ($0.67). For the next year, analysts expect that the company will post earnings of $1.61 per share, with EPS estimates ranging from ($0.21) to $3.54. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Sorrento Therapeutics.
Separately, HC Wainwright decreased their price target on shares of Sorrento Therapeutics from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, August 9th.
In other Sorrento Therapeutics news, Director Kim Janda sold 8,000 shares of Sorrento Therapeutics stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $8.04, for a total transaction of $64,320.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Sorrento Therapeutics by 10.2% in the first quarter. BlackRock Inc. now owns 19,409,333 shares of the biopharmaceutical company’s stock worth $160,515,000 after purchasing an additional 1,789,655 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Sorrento Therapeutics by 4.2% in the second quarter. Vanguard Group Inc. now owns 14,129,991 shares of the biopharmaceutical company’s stock worth $136,920,000 after purchasing an additional 575,472 shares during the last quarter. State Street Corp grew its holdings in shares of Sorrento Therapeutics by 4.6% in the second quarter. State Street Corp now owns 10,232,527 shares of the biopharmaceutical company’s stock worth $99,153,000 after purchasing an additional 445,767 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Sorrento Therapeutics by 8.7% in the second quarter. Geode Capital Management LLC now owns 4,405,946 shares of the biopharmaceutical company’s stock worth $42,693,000 after purchasing an additional 351,633 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Sorrento Therapeutics by 3.9% in the second quarter. Northern Trust Corp now owns 2,854,777 shares of the biopharmaceutical company’s stock worth $27,663,000 after purchasing an additional 107,279 shares during the last quarter. Hedge funds and other institutional investors own 26.01% of the company’s stock.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination, to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody drug conjugates.
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