Clinical stage biopharma company Sorrento Therapeutics (NASDAQ:SRNE) has been in the middle of a remarkable downward spiral in recent days and it continued yesterday as the stock tanked by another 9%. That took the decline over the past week to as much as 20%.
Trading Data
On Monday, SRNE stock fell 7.10% to $3.53 with more than 16.66 million shares, compared to its average volume of 5.66 million shares. The stock has moved within a range of $3.1500 – 3.6950 after opening trade at $3.69.
Recent News
In this situation, it is perhaps important for investors to figure out if the selloff is going to continue or if the stock could bounce back any time soon. While the decline in the stock may be alarming, it cannot be denied that over the course of the past week there have been a number of positive developments in relation to Sorrento Therapeutics.
Not too long ago, it had emerged that the United States Food and Drug Administration had given Sorrento the go ahead for the clinical trial of its common herpes sipmplex virus Seprehvir, which can destroy the harmful tumour cells. On the other hand, Sorrento also bagged an order for as many as 10 million COVISTIX tests in Mexico. These were some of the important developments for the company in recent times and it now remains to be seen if the sentiments of investors do turn eventually.
Technical Data
SRNE stock is trading below the 20-Day and 50-Day Moving averages of $4.55 and $5.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.30.
