SRNE Stock Price: Sorrento Therapeutics Inc. falls after spike from positive cancer treatment results

  • 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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

LIVE: Trump and Biden clash in final debate, tensions are high

US President Trump and former VP Biden have their last chances to influence undecided voters on the national stage. Markets are watching. Live. 


EUR/USD stable around 1.1820 ahead of US presidential debate

The EUR/USD pair spent the American session consolidating around 1.1820. Hopes for a US stimulus deal backed the greenback ahead of the US presidential debate.


Gold: Bears seeking a continuation below key daily support

Gold prices are back under pressure and below a critical trendline on the daily chart. The swing trading opportunities are caught up in the wash of volatility. A day trading strategy could offer an opportunity if price obeys market structure.

Gold News

AUD/USD fuelled 0.2% by strong PMI Composite in early Asia

AUD is up on the day so far as early data gives the bulls a head start. Early Asia has been kind to Aussie bulls with the price of the currency extending its late New York gains with a robust Construction PMI report, solidly above the 50.0 expansion level, arriving at 54.2.


WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News