In the past month, the Sorrento Therapeutics (NASDAQ:SRNE) stock has been in the middle of a steady selloff and recorded losses of as much as 10% as a consequence.
Trading Data
On Monday, SRNE stock jumped 1.98% at $6.18 with more than 4.99 million shares, compared to its average volume of 4.76 million shares. The stock has moved within a range of $5.96 – 6.26 after opening trade at $6.08.
Major News
As a matter of fact, the stock has in fact declined sharply from the peak that had been hit earlier on in the year in February. Despite all the doom and gloom, there was a crumb of good news for Sorrento investors towards the end of October. Analyst Ram Selvaraju from the firm H.C. Wainwright has been a lone contrarian voice for the Sorrento stock. He stated that the Sorrento stock is in a position from which it could eventually wipe out all the losses.
As a matter of fact, in his latest report in October, Selvaraju maintained is buy rating on the Sorrento stock and set the price target at $26 a share. The price target represented a massive gain of as much as 286% in the Sorrento stock from its previous close. The latest report from the analyst was in reaction to a development from a few days earlier. At the time, it had emerged that the company’s COVID-19 15 minute test named COVISTIX had been awarded a CE mark.
Technical Data
SRNE stock is trading below the 20-Day and 50-Day Moving averages of $6.45 and $6.92 respectively. Moreover, the stock is trading below the 50-Day moving average of $8.35. The stock is down 26% in the past 3-month.
