Is Sorrento Therapeutics Inc. (NASDAQ: SRNE) Still A Buy After plugging 1.14% Last Week? – Marketing Sentinel
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Is Sorrento Therapeutics Inc. (NASDAQ: SRNE) Still A Buy After plugging 1.14% Last Week?

During the last session, Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s traded shares were 10.09 million, with the beta value of the company hitting 2.23. At the end of the trading day, the stock’s price was $2.67, reflecting an intraday gain of 3.09% or $0.08. The 52-week high for the SRNE share is $9.63, that puts it down -260.67 from that peak though still a striking 56.93% gain since the share price plummeted to a 52-week low of $1.15. The company’s market capitalization is $1.05B, and the average intraday trading volume over the past 10 days was 7.86 million shares, and the average trade volume was 10.41 million shares over the past three months.

Sorrento Therapeutics Inc. (SRNE) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 2.00. SRNE has a Sell rating from 0 analyst(s) out of 1 analysts who have looked at this stock. 0 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 1 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.

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Sorrento Therapeutics Inc. (NASDAQ:SRNE) trade information

Sorrento Therapeutics Inc. (SRNE) registered a 3.09% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 3.09% in intraday trading to $2.67 this Wednesday, 08/03/22, hitting a weekly high. The stock’s 5-day price performance is 1.14%, and it has moved by 4.30% in 30 days. Based on these gigs, the overall price performance for the year is -67.40%. The short interest in Sorrento Therapeutics Inc. (NASDAQ:SRNE) is 56.97 million shares and it means that shorts have 4.15 day(s) to cover.

The consensus price target of analysts on Wall Street is $16.00, which implies an increase of 83.31% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $16.00 and $16.00 respectively. As a result, SRNE is trading at a discount of -499.25% off the target high and -499.25% off the low.

Sorrento Therapeutics Inc. (SRNE) estimates and forecasts

In the rating firms’ projections, revenue will increase 43.20% compared to the previous financial year.

Revenue for the current quarter is expected to be $18.39 million as predicted by 1 analyst(s). Meanwhile, a consensus of 1 analyst(s) estimates revenue growth to $18.75 million by the end of Jun 2022. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $14.26 million and $10.13 million respectively. In this case, analysts expect current quarter sales to grow by 29.00% and then jump by 85.10% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -3.70%. While earnings are projected to return -11.90% in 2022, the next five years will return 37.00% per annum.

SRNE Dividends

Sorrento Therapeutics Inc. is due to release its next quarterly earnings on May 11. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s Major holders

Sorrento Therapeutics Inc. insiders own 5.79% of total outstanding shares while institutional holders control 35.35%, with the float percentage being 37.53%. State Street Corporation is the largest shareholder of the company, while 302 institutions own stock in it. As of Mar 30, 2022, the company held over 33.96 million shares (or 8.73% of all shares), a total value of $79.13 million in shares.

The next largest institutional holding, with 22.03 million shares, is of Blackrock Inc.’s that is approximately 5.67% of outstanding shares. At the market price on Mar 30, 2022, these shares were valued at $51.34 million.

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 iShares Russell 2000 ETF. Data provided on Jun 29, 2022 indicates that SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF owns about 32.1 million shares. This amounts to just over 8.25 percent of the company’s overall shares, with a $64.53 million market value. The same data shows that the other fund manager holds slightly less at 8.54 million, or about 2.20% of the stock, which is worth about $17.17 million.

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