The company Sorrento Therapeutics Inc (NASDAQ:SRNE) has been on the radars of investors for quite some time owing to its work with regards to tackling the COVID-19 pandemic. However, last week, the Sorrento stock suffered mightily and ended up with a decline of 9% on Friday.
Trading Data
On Friday, SRNE stock moved down 8.75% to $3.80 with 12.41 million shares, compared to its average volume of 5.65 million shares. The stock has moved within a range of $3.7400 – 4.1000 after opening trade at $4.08.
Recent Developments
In fact, the selloff on Friday took the total decline over the past week to as much as 32%. Despite the fact that the stock tanked, it is perhaps necessary to keep in mind that last Friday the company announced new date with regards to STI 9167 COVISHIELD, its antibody that is meant for tackling the new Omicron variant of the COVID-19 virus.
The advanced stage antibody had been developed by Sorrento in a collaboration with theIcahn School of Medicine at Mount Sinai, which is located in New York. The company also noted that it had managed to bag global exclusive licensing rights for the same from Icahn Mount Sinai as well. It has been concluded that the product could in fact be the best in class.
While the announcement was certainly a significant one, it could not arrest the slide in the Sorrento stock on Friday and it now remains to be seen if it can bounce back this week.
Technical Data
SRNE stock is below the 20-Day and 50-Day Moving averages of $4.66 and $5.45 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.32.
