In the past week, there has been a lot of focus on the Sorrento Therapeutics (NASDAQ:SRNE) stock and during the course of that period, it has managed to clock gains of as much as 16%. One of the more positive triggers for the stock was some positive clinical news that had emerged last Friday.
Trading Data
On Tuesday, SRNE stock gained 1.20% to $2.54 with 11.24 million shares, compared to its average volume of 8.55 million shares. The stock moved within a range of $2.5185 – 2.5950 after opening trade at $2.54.
Major News
At the time the company announced that Scrilex Holding, a company in which Sorrento holds a majority stake, had managed to come up with encouraging results with regards to a product it has in its pipeline. The product in question is Semdexa, which Srilex had been testing for Sciatia pain management.
The positive results had been witnessed in the Phase 3 trial and the same had been announced by Sorrento on Monday. In addition to that, it was also noted that the product had also managed to demonstrate a very clean profile with regards to safety.
Hence, it is perhaps not a surprise that the stock seems to be in focus among investors at this point in time. It now remains to be seen if the Sorrento stock can manage to hold on to its momentum and add to its gains in the coming days.
Technical Data
SRNE stock is below the 20-Day and 200-Day Moving averages of $2.55 and $3.07 respectively. The stock is trading in the oversold zone with the RSI at 47.
