Sorrento Therapeutics (SRNE) Stock Sinks As Market Gains: What You Should Know
Sorrento Therapeutics (SRNE) closed at $7.29 in the latest trading session, marking a -1.22% move from the prior day. This change lagged the S&P 500's daily gain of 0.78%. Meanwhile, the Dow gained 0.68%, and the Nasdaq, a tech-heavy index, added 1.44%.
Heading into today, shares of the biopharmaceutical company had gained 54.72% over the past month, outpacing the Medical sector's loss of 1% and the S&P 500's loss of 1.32% in that time.
SRNE will be looking to display strength as it nears its next earnings release. In that report, analysts expect SRNE to post earnings of -$0.22 per share. This would mark year-over-year growth of 43.59%. Meanwhile, our latest consensus estimate is calling for revenue of $8 million, up 23.46% from the prior-year quarter.
SRNE's full-year Zacks Consensus Estimates are calling for earnings of -$0.86 per share and revenue of $42.36 million. These results would represent year-over-year changes of +59.43% and +34.77%, respectively.
It is also important to note the recent changes to analyst estimates for SRNE. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 14% higher. SRNE is currently a Zacks Rank #2 (Buy).
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 66, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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