SRNE - Why is Sorrento Therapeutics (SRNE Stock) Rising Today?
Sorrento Therapeutics (SRNE stock) ( NASDAQ:SRNE ) looks to be a major benefactor of this rising tide phenomenon.
The drugmaker’s stock is rising today, mirroring the larger biopharmaceutical sector.
What Happened to SRNE stock?
Today, SRNE stock ( NASDAQ:SRNE ), a diversified biopharma, is surging higher. As of 11:23 a.m. ET on Thursday, the drugmaker’s shares were up a solid 5% on little traffic.
What is driving SRNE stock up today? Its stock seems to be benefiting from a broad-based relief rally in the battered biopharmaceutical sector . To that end, both the iShares Biotechnology ETF and the SPDR S&P Biotech ETF are up by low single digits at the time of writing.
Furthermore, Sorrento hasn’t issued any significant clinical or regulatory updates in well over a month, signaling that the stock is just trading higher in line with the more significant sector this morning.
Market Analysis of SRNE Stock
During this year’s severe bear market, Sorrento Therapeutics has been a popular target for short sellers. Shorts have seized on this minor pharmaceutical in 2022 because it is cash flow negative, without a big near-term catalyst, and shareholders were likely anticipating a more significant revenue boost from its diverse COVID-19 portfolio.
In terms of details, short-sellers controlled more than 13% of the company’s float at the time of the previous count. As a consequence, today’s gain might just bear covering their holdings amid an industrywide ...
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