- NASDAQ:SRNE falls by 4.27% despite broader markets rising.
- Sorrento announces a positive Phase 1B for its injectable cancer pain treatment.
- Sorrento has also made headlines this year as a potential coronavirus vaccine candidate.
NASDAQ:SRNE has given back most of the profits from the 11% spike on Tuesday and has now fallen 17% over the past two days. Shares closed Thursday’s trading session down 4.27% hitting $9.19 per share, which is down over 50% from its 52-week highs. Needless to say, investors have not shown much confidence in Sorrento Therapeutics despite the San Diego based biotech firm being in the running for a potential coronavirus vaccine candidate earlier this year. While the stock has still returned over 350% over the past year, is struggling these days, currently trading below the 50-day moving average.
On Tuesday, Sorrento Therapeutics reported a successful Phase 1B from their clinical trials for its epidural resiniferatoxin or RTX injection, which is a prospective treatment for intractable cancer pain. The announcement was met with enthusiasm both from the medical community and from investors as the stock surged by 11% after the report. Wall Street analysts showed their optimism as the price target was raised to $21 by Dawson James and $30 by H.C. Wainwright. The median price target across all analysts is $24, which means that Sorrento may have quite a bit of upside heading into 2021.
SRNE stock news
The short and long-term outlook for Sorrento Therapeutics is indeed positive in the eyes of Wall Street, although investors have not been as supportive since the RXT announcement. While it does seem like there are some larger biotech firms who are ahead of Sorrento in the coronavirus vaccine race, the successful report of its cancer pain treatment is positive news for those who have been on the fence about investing in the company.
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