Sorrento Therapeutics Inc. (NASDAQ:SRNE) has a beta value of 1.98 and has seen 8.26 million shares traded in the last trading session. The company, currently valued at $537.35M, closed the last trade at $1.07 per share which meant it lost -$0.02 on the day or -1.83% during that session. The SRNE stock price is -55.14% off its 52-week high price of $1.66 and 71.96% above the 52-week low of $0.30. If we look at the company’s 10-day average daily trading volume, we find that it stood at 10.21 million shares traded. The 3-month trading volume is 22.79 million shares.
The consensus among analysts is that Sorrento Therapeutics Inc. (SRNE) is a Buy stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 0 rate it as Overweight. 0 out of 2 have rated it as a Hold, with 2 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is -$0.25.
Sorrento Therapeutics Inc. (NASDAQ:SRNE) trade information
Sporting -1.83% in the red in last session, the stock has traded in the red over the last five days, with the highest price hit on Monday, 01/23/23 when the SRNE stock price touched $1.07 or saw a rise of 13.01%. Year-to-date, Sorrento Therapeutics Inc. shares have moved 199.16%, while the 5-day performance has seen it change -5.31%. Over the past 30 days, the shares of Sorrento Therapeutics Inc. (NASDAQ:SRNE) have changed 209.11%. Short interest in the company has seen 60.67 million shares shorted with days to cover at 8.98.
Wall Street analysts have a consensus price target for the stock at $5.00, which means that the shares’ value could jump 78.6% from current levels. The projected low price target is $5.00 while the price target rests at a high of $5.00. In that case, then, we find that the current price level is -367.29% off the targeted high while a plunge would see the stock gain -367.29% from current levels.
Sorrento Therapeutics Inc. (SRNE) estimates and forecasts
The company’s shares have gained 1.95% over the past 6 months, compared to 4.50% for the industry. Revenue growth from the last financial year stood is estimated to be 1.10%.
1 analysts offering their estimates for the company have set an average revenue estimate of $11.69 million for the current quarter. 1 have an estimated revenue figure of $11.92 million for the next quarter concluding in Dec 2022. Year-ago sales stood $12.06 million and $13.08 million respectively for this quarter and the next, and analysts expect sales will shrink by -3.10% for the current quarter and -8.80% for the next.
If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -3.70% over the past 5 years. Earnings growth for 2023 is a modest -11.90% while over the next 5 years, the company’s earnings are expected to increase by 37.00%.
Sorrento Therapeutics Inc. is expected to release its next earnings report on May 11 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Sorrento Therapeutics Inc. (NASDAQ:SRNE)’s Major holders
Insiders own 1.61% of the company shares, while shares held by institutions stand at 34.51% with a share float percentage of 35.08%. Investors are also buoyed by the number of investors in a company, with Sorrento Therapeutics Inc. having a total of 305 institutions that hold shares in the company. The top two institutional holders are State Street Corporation with over 39.66 million shares worth more than $79.72 million. As of Jun 29, 2022, State Street Corporation held 8.81% of shares outstanding.
The other major institutional holder is Blackrock Inc., with the holding of over 33.95 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $68.24 million and represent 7.55% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF and Vanguard Total Stock Market Index Fund. As of Sep 29, 2022, the former fund manager holds about 7.07% shares in the company for having 31.83 million shares of worth $49.97 million while later fund manager owns 10.9 million shares of worth $21.9 million as of Jun 29, 2022, which makes it owner of about 2.42% of company’s outstanding stock.