During the recent session, Sorrento Therapeutics, Inc. (NASDAQ:SRNE)’s traded shares were 3,124,185, with the beta value of the company hitting 2.4. At the last check, the stock’s price was $7.59, reflecting an intraday gain of 0.13% or $0.01. The 52-week high for the SRNE share is $19.39, that puts it down -155.47% from that peak though still a striking +71.28% gain since the share price plummeted to a 52-week low of $2.18. The company’s market capitalization is $2.13 Billion, and the average intraday trading volume over the past 10 days was 6.83 Million shares, and the average trade volume was 17.08 Million shares over the past three months.

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Sorrento Therapeutics, Inc. (SRNE) received a consensus recommendation of Buy from analysts. That translates to a mean rating of 2. SRNE has a Sell rating from none of the analyst(s) out of 4 analysts who have looked at this stock. Neither of the analyst(s) recommend to Hold the stock while none of them suggest Overweight, and 4 recommend a Buy rating for it. None of the analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.3.

Sorrento Therapeutics, Inc. (NASDAQ:SRNE): Trading Information

Sorrento Therapeutics, Inc. (SRNE) registered a 0.13% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 12.24% in intraday trading to $8.62- this Monday, Apr 05, hitting a weekly high. The stock’s 5-day price performance is -8.52%, and it has moved by -13.94% in 30 days. Despite these dips, the overall price performance for the year is 10.84%. The short interest in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) is 56.07 Million shares and it means that shorts have 3.28 day(s) to cover.

The consensus price target of analysts on Wall Street is $27.5, which implies an increase of 262.32% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $19 and $35 respectively. As a result, SRNE is trading at a discount of 361.13% off the target high and 150.33% off the low.

Sorrento Therapeutics, Inc. (SRNE) projections and forecasts

Statistics show that Sorrento Therapeutics, Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Sorrento Therapeutics, Inc. (SRNE) shares have jump down -30.27% during the last six months, with a year-to-date growth rate less than the industry average at -202.31% against 8.4%. Yet analysts are ramping up their growth forecast for the fiscal year 2021. Revenue is predicted to grow 183.3% this quarter and then jump 213.9% in the quarter after that. In the rating firms’ projections, revenue will increase 2687.2% compared to the previous financial year.

Revenue for the current quarter is expected to be $19.85 Million as predicted by 3 analyst(s). Meanwhile, a consensus of 3 analyst(s) estimates revenue growth to $22.39 Million by the end of June 2021. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $7.72 Million and $9.01 Million respectively. In this case, analysts expect current quarter sales to grow by 157.1% and then jump by 148.6% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings fell an estimated -0.9%. While earnings are projected to return 41% in 2021, the next five years will return 37% per annum.

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Sorrento Therapeutics, Inc. (NASDAQ:SRNE)’s Biggest Investors

Sorrento Therapeutics, Inc. insiders own 11.41% of total outstanding shares while institutional holders control 28.85%, with the float percentage being 32.57%. Blackrock Inc. is the largest shareholder of the company, while 286 institutions own stock in it. As of Dec 30, 2020, the company held over 17.62 Million shares (or 6.27% of all shares), a total value of $120.25 Million in shares.

The next largest institutional holding, with 12.68 Million shares, is of State Street Corporation’s that is approximately 4.51% of outstanding shares. At the market price on Dec 30, 2020, these shares were valued at $86.51 Million.

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Also, the Mutual Funds coming in first place with the largest holdings of Sorrento Therapeutics, Inc. (SRNE) shares are SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF and Vanguard Total Stock Market Index Fund. Data provided on Feb 27, 2021 indicates that SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF owns about 8,389,410 shares. This amounts to just over 2.99 percent of the company’s overall shares, with a $81.13 Million market value. The same data shows that the other fund manager holds slightly less at 6.81 Million, or about 2.42% of the stock, which is worth about $46.48 Million.

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