SRNE - Why Did SRNE Stock Drop 23.4% in September?
According to S&P Global Intelligence, the stock of the biotech firm focusing on cancer and pain medicines , Sorrento Therapeutics ( NASDAQ:SRNE ), fell 23.4% in September. SRNE stock ( NASDAQ:SRNE ) finished at $2.05 on August 31 before falling to a low of $1.52 on September 29. The stock is down more than 65% this year, with a 52-week low of $1.15 and a high of $7.40.
So, What Happened to SRNE Stock?
SRNE stock ( NASDAQ:SRNE ), a favorite choice among individual investors, has been experiencing financial difficulties. While revenue increased 7% year on year to $29.7 million, the biotech company reported a net income loss of $260 million t hrough six months, compared to a loss of $164.2 million in the same period last year, and a $0.70 loss in earnings per share (EPS), compared to a $0.58 EPS loss in the first six months of last year. The market’s drop exacerbates the slow financials, especially for growing firms with little growth but a high debt-to-equity ratio, such as Sorrento, which has a long-term debt-to-equity ratio of 62.92. Another issue is that Sorrento had just $70.3 million in cash as of June 30.
Sorrento has a few commercialized products, including ZTlido, a topical lidocaine system, Gloperba for gout, and a COVID-19 fast antigen test licensed in Mexico and Brazil.
Fujovee (abivertinib), the company’s principal clinical candidate, is in phase 3 studies to treat non-small cell lung cancer (NSCLC) as well as severe COVID-19 in ICU patients, and a phase 2 study to treat c...
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