SRNE - Why Sorrento Therapeutics Stock Is Bouncing Back Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were up 4.7% as of 10:33 a.m. EDT on Wednesday after rising as much as 14.9% earlier in the day. Why did the stock bounce back after plunging earlier this week? Sorrento didn't report any news that would provide a catalyst. Instead, it appears that some investors viewed the sell-off as overdone.
The kind of volatility seen with Sorrento isn't unusual for a clinical-stage biotech stock. That's especially true for biotechs developing experimental COVID-19 therapies and vaccines, an area that's moving at a blazingly fast pace.
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