SRNE - Why Sorrento Therapeutics Is Down 9% This Week
This is not a good week to be Sorrento Therapeutics (NASDAQ: SRNE) or one of its investors. Despite an encouraging pop on Thursday, the company's shares were still down by slightly over 9% from the start of the week. Counterintuitively, the big lurch downwards came just after a blast of ostensibly good news.
Tuesday afternoon, Sorrento announced that the U.S. Food and Drug Administration (FDA) cleared its Resiniferatoxin (RTX), a non-opioid medication aimed at treating knee pain arising from osteoarthritis, for a Phase 2 clinical trial. The clinical-stage biotech said in a press release that the Phase 2 study will be aimed at determining the recommended dose for its Phase 3 trial. Both the Phase 2 and Phase 3 testing is to be effected with bigger patient populations, which is typical in later-stage trials.
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Why Sorrento Therapeutics Is Down 9% This Week