SRNE - Sorrento reaches over a three-month high after Jim Cramer said it's not a meme stock

Scott Gries/Getty Images Entertainment Adding more than a third to the YTD gain of ~42.0%, Sorrento Therapeutics (SRNE) has reached its highest level since mid-March with the biggest one-day gain in nearly five months. On CNBC’s Mad Money, TV personality Jim Cramer briefly mentioned the stock which currently has ~19.0% of its float on loan. In reply to a viewer’s question on Sorrento Cramer said: “It’s not really a meme stock, but it’s one that is — it’s got too much hot money in it,” referring to the recent rally in heavily shorted stocks with strong retail investor interest in online forums. While Seeking Alpha Quant Ratings indicate a very bearish view on Sorrento, both SA authors and Wall Street agree with bullish ratings on the stock. SA contributor Chetan Woodun explains why Sorrento is undervalued in the current situation of the pandemic where the COVID-19 variants dominate.

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Sorrento reaches over a three-month high after Jim Cramer said it’s not a “meme stock”