Sorrento Therapeutics (SRNE) stock Move Back To $10 On Profit Booking
On Thursday, the Sorrento Therapeutics (NASDAQ:SRNE) stock had been a notable mover, having gone up by 12% but this morning the stock has corrected sharply and declined by 8.50% at the time of writing. In this regard, it is perhaps necessary for investors to figure out why the stock actually rallied so strongly yesterday.
There was no news about the company yesterday and there has been no news today. However, the Sorrento stock rallied yesterday due to rising number of COVID 19 cases and a degree of anticipation among investors that it was going to lead to a rise in demand for the company’s COVI-STIX testing product.
The excitement was understandable considering the fact that the company has already been granted emergency use authorization for the product by Mexico, where the daily diagnoses has gone up by as much as 50% over the last month. In addition to that, it is important to note that Sorrento applied for a similar authorization from the United States Food and Drug Administration at the end of 2020.
On the other hand, the company is also working on getting permission to market the product in Europe. While there has been no news today regarding Sorrento, it remains to be seen if the stock can recover.
Market Action:
As of 11:12, SRNE stock is down 8% to $10.10 with more than 5.16 million shares, compared to its average volume of 7.52 million shares. The stock has moved within a range of $9.97 – 10.75 after opening the trade at $10.57.
